bain_y_howells__monetary_economics__policy_and_its_theoretical_basis

42 MONETARY ECONOMICS
Table 2.1: UK official definitions of money
Name Components First Discontinued Targeted
Published
1967-9
1976-9
March 1986
Dec. 1972
Change in £ bank lending to the nonbank
public and private sectors
DCE
(Domestic credit expansion)
1984-present 1
June 1981
Notes and coin outside the Bank of
England + banks' operational deposits at
the Bank of England
M0
(Wide monetary base)
Feb. 1991
June 1975
Notes and coin in circulation + NBPS2 holdings of non-interest bearing £ sight
deposits
NIBM1
(Non-interest bearing M1)
1982-4
July 1989
Dec. 1970
NIBM1 + NBPS holdings of interest-bearing
£ sight deposits
M1
Sept. 1982 3
NIBM1 + NBPS holdings of interest
bearing retail £ deposits with banks and
building societies + National Savings
ordinary accounts
M2
1976-86
July 1989
March 1977 4
M1 + NBPS holdings of £ bank time
deposits and certificates of deposits
(CDs)
M3 (£M3 until May 1987)
July 1989
Dec. 1970 4
M3 + NBPS holdings of foreign currency
bank deposits
M3c (M3 until May 1987)