By A L Coleby, Assistant Director responsible for the Bank's Money Markets Division of Bank of England
This paper by A L Coleby, Assistant Director responsible for the Bank's Money Markets Division, was presented at a conference on monetary targeting organised by the Federal Reserve Bank of New York in May 1982. Mr. Coleby explains how debt management and interest rate policy have been used to pursue economic objectives in the shape of intermediate monetary targets. The structure of the UK gilt-edged market and recent technical developments in it are described, along with changes in the Bank's means of operation in the money market and of influencing short-term interest rates.
Temporal references have not been altered so that, for example, 'last year' refers to 1981.