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description= Commentary on monetary policy in the spirit of R. G. Hawtrey;
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elieved that hawtrey was influential eary in his tenure as director of financial enquiries primarily because of his important role in drafting the financial resolutions for the genoa conference of 1922 about which more will be said below but that his influence declined subsequently mattei cites both black and howson in her book but does not engage with their assesment of hawtrey s influence at treasury mattei also cites the unpublished doctoral dissertation of alan gaukroger on hawtrey which focuses specifically on his service as director of financial enquiries at the treasury but does not engage with his detailed assement based on exhaustive reading of relevant treasury memoranda of hawtrey s influence on his treasury colleagues and superiors here is how gaukroger characterizes those memoranda in the case of hawtrey who was to some extent an outsider to the very small and closely knit group of influential policy makers the written memorandum was his method of attempting to break into and influence the powerful central group many of hawtrey s memoranda were unsolicited he produced them because he was critical of some spect of government policy in some of these memoranda there is a marked tone of anger this was particularly apparent during the late 1920s when the united kingdom had returned to the gold standard and hawtrey believed that the bank of england was pursuing a foolish and unnecessarily high interest rate policy at this time his memoranda critical of bank or even treasury policy could for such a mild mannered man be quite savage in tone often his memoranda were produced as a result of a specific request on a very small number of occasions they were produced as a result of a direct request for guidance or information from the chancellor of the exchequer at other times hawtrey prepared a memorandum as a result of a parliamentary question often a senior colleague wanted support in reparing a memorandum and would seek to use hawtrey s expertise particularly with regard to currency and foreign exchange hawtrey would invariably write an unsolicited memorandum after press criticism of treasury policy a gaukroger the director of financial enquiries ph d thesis university of huddersfield 2008 pp 29 32 in criticizing the austerity doctrines and policies of the british treasury and the bank of england in the decade after world war i mattei mounts a comprehensive attack on hawtrey s views or what she inaccurately represents to be his views to which she unlike other researchers ascribes immense influence she begins with the decision to restore the gold standard and the subsequent deflationary policy adopted in the1920 22 period to reverse the wartime and postwar inflations and subsequently to restore the gold standard at the prewar parity of the pound to the dollar 4 86 mattei s overestimation of hawtrey s influence is evidenced by her failure even to mention the 1918 interim report of the cunliffe commission headed by the former governor of the bank of england lord cunliffe recommending the prompt restoration of the gold standard in as close a form as possible to the prewar gold standard although no precise parity was specified the goal of minimizing the departure from the prewar gold standard except for not reintroducing a full bodied gold coinage made the prewar parity to the dollar restored in 1919 to its prewar gold parity of 20 67 ounce the obvious benchmark for restoration her next object of criticism is hawtrey s advocacy of deflation in his 1919 article the gold standard to reverse if only partially the inflation during and after the war that had cut the purchasing power of the pound by roughly 60 the inflation especially the postwar inflation had been deeply unsettling and there was undoubtedly strong political pressure on the government to halt the inflation although opposed to both inflation and deflation hawtrey believed that some deflation was needed to achieve stabilization especially given that the us which had restored convertibility of the dollar into gold in june 1919 would likely adopt a deflationary policy mattei cites hawtrey s approval of the april 1920 increase in bank rate by the bank of england to an unprecedented 7 to break the inflationary spiral then underway inflation was quickly tamed but a brutal deflation followed while bank rate remained at 7 for more than 12 months before a half a percent cut in april 1922 with further half percent cuts at bimonthly intervals till the rate was reduced to 3 in july 1922 hawtrey s support for deflation was less categorical and durable than mattei claims prices having risen much faster than wages since the war started hawtrey thought that deflation would cause prices to fall before downward pressure on wages started see g c peden the treasury and british public policy 1906 1959 oxford oxford university press p 154 once unemployment increased and wages came under significant downward pressure hawtrey began to call for easing of the dear money policy of the bank montague norman governor of the bank of england aware of hawtrey s criticisms of bank of england policy shared his annoyance with hawtrey in a letter to his counterpart at the federal reserve benjamin strong mentioning criticism from a leading light of the treasury who made it his particular business to quarrel with the policy of the treasury and the bank of england see g c peden id pp 155 56 hawtrey later articulated the basis for his criticism in 1920 it was justifiable to keep up bank rate so long as there was any uncertainty whether inflation had been successfully checked but even in the late summer of 1920 there was no real doubt that this was so and by november 1920 it was abundantly clear that the danger was in the opposite direction and was that of excessive deflation hawtrey a century of bank rate london longmans green and co 1938 p 133 mattei further attacks hawtrey for his central role in the genoa conference of 1922 which besides resolutions on other topics of international concern adopted resolutions aimed at restoring the international gold standard as early as in his 1919 article on the gold standard and in his important book currency and credit of the same year hawtrey was warning urgently that restoring the gold standard could cause severe possibly disastrous deflation unless countries rejoining the gold standard cooperated to moderate their demand for gold reserves when setting fixed parities between their currencies and gold hawtrey therefore proposed that countries other than the us and britain rejoin the gold standard by discharging their obligations in dollars or pound sterling which were either in the case of the dollar already convertible into gold or in the case of sterling likely to be convertible in the future by freeing national central banks from the need to hold actual gold reserves to discharge their obligations the genoa proposals aimed to limit the international demand for gold thereby moderating or eliminating the deflationary pressure otherwise entailed by restoring the gold standard additionally the resulting demand by central banks to hold sterling denominated liabilities would ease the pressure on the british balance of payments thereby making room for the bank of england to reduce bank rate ignoring hawtrey s anti deflationary intent in drafting those resolution mattei focuses on the legal independence for central banks proposed by the resolutions intended to insulate them from demands by national governments to print money to fund fiscal deficits money printing by governments or by banks under government pressure to do so having been historically a primary cause of inflation mattei further misrepresents hawtrey s call for monetary management to avoid the likely deflationary consequences of an unmanaged restoration of the prewar gold standard as evidence that hawtrey desired to impose an even more draconian austerity on british workers than an unmanaged restoration of the gold standard would have imposed thereby imputing to hawtrey an intention precisely the opposite of what he meant to accomplish mattei equates hawtrey s support for central bank independence in the genoa resolutions with hostility to democracy quoting from hawtrey s 1925 article currency and public administration which she suggests betrays a technocratic and anti democratic mindset that he shared with contemporary italian theoreticians of fascism mattei seizes on the following passage the central bank is free to follow the precept never explain never regret never apologize it need make no statement of policy critics may rage for nine days but in face of the silence imposed by tradition they do not keep it up hawtrey currency and public administration public administration 3 3 232 45 243 mattei subjects the elitist tone of hawtrey s defense of central bank independence to withering criticism a criticism echoed by her ideological opposite milton friedman but she neglects to quote an important explanatory passage the public interest in the broadest sense is profoundly affected by currency administration those who deprecate criticism fear an ill judged pressure at critical times experience shows that whenever an expansion of credit is developing to excess a formidable opposition arises in the trading world to an increase in bank rate when on the other hand business is in a state of depression no one minds what happens to bank rate the influence of outside pressure is therefore just the contrary to what is required perhaps that is so because criticism is confined to financial and trading circles when credits is expanding traders want to borrow and resent any measures which makes borrowing more difficult or more expensive when business is depressed they do not want to borrow in neither case are they impelled to look beyond their own affairs to the effect of credit on the public interest id it is interesting that hawtrey would have written as he did in 1925 given his own recent experience in criticizing the dear money policy generally followed by the bank of england since 1921 when the bank of england steadfastly refused to lower bank rate despite his own repeated pleas for rate reductions and criticisms of the bank s refusal to respond to those pleas in his lengthy and insightful doctoral dissertation about hawtrey s tenure at the treasury alan gaukroger relying far more intensively and extensively than mattei on the documentary record of hawtrey s tenure discusses a treasury memorandum written by hawtrey on december 5 1925 soon after bank of england raised bank rate back to 5 after briefly reducing it to 4 immediately after restoration of the prewar parity with dollar in april the raising of the bank rate to 5 is nothing less than a national disaster that dear money causes unemployment is a proposition which ought not to admit of dispute not only is it the generally accepted opinion of theoretical economists but it was well recognised by practical financiers and men of business before economists paid much attention to it gaukroger p 194 gaukroger p 193 also reports relying on a recorded interview of hawtrey conducted by alexander cairncross in 1965 that upon hearing the news that bank rate had been raised back to 5 hawtrey went directly to niemeyer s office to express his fury at the news he had just heard only to find after he had begun denouncing the increase that montagu norman himself had been seated in niemeyer s office behind the door he had just opened direct communication between hawtrey and norman never resumed gaukroger also reports that hawtrey s view was dismissed not only by the bank of england but by his superior otto niemeyer and by niemeyer s deputy sir frederick leith ross who invidiously compared hawtrey in opposing an increase in bank rate to rudolf havenstein president of the german reichsbank during the german hyperinflation of 1923 as already mentioned mattei accuses hawtrey of having harbored a deflationary bias owing to a belief that a credit economy is inherently predisposed toward inflation a tendency that must be counteracted by restrictive monetary policy mattei s accusation of deflationary bias rests on a misunderstanding of hawtrey s monetary theory in hawtrey s theory if banks create too much credit the result is inflation if they create too little the result is deflation no endogenous mechanism keeps credit creation by banks on a stable non inflationary non deflationary path once inflation or deflation sets in a cumulative process leads to continuing even accelerating inflation or deflation to achieve stability an exogenous stabilizing mechanism like a metallic standard or a central bank is needed to constrain or stimulate albeit imperfectly credit creation by the banking system it was only in the special conditions after world war i and the collapse of the prewar gold standard which had been centered in london that hawtrey believed a limited deflation would be useful in pursuing the generally accepted goal of restoring the prewar gold standard but the postwar deflation was far more extreme than the deflation contemplated much less endorsed by hawtrey mattei infers from hawtrey s support for deflation to reverse the postwar inflation that he regarded inflation as a greater and more dangerous threat than inflation without acknowledging that he regarded the 1920 22 deflation as excessive and unjustified she also cites his endorsement of restoring convertibility of the pound at the prewar 4 86 parity against the dollar despite the deflationary implications of that restoration as further evidence of hawtrey s approval of deflation but mattei ignores hawtrey s repeated arguments that given the high rate of unemployment in britain there was ample room even after restoration of the prewar parity for the bank of england to have reduced bank rate to promote increased output and employment the advance of bank rate to 5 in march 1925 supervened on a condition of things which promised to bring the pound sterling to par with the dollar without any effort at all credit was expanding and the price level in the united states which may be taken as indicating the price level in terms of gold was rising this expansive tendency came abruptly to an end the rediscount rate it is true was raised in new york but only to 3 5 and till 1928 the american federal reserve bank adhered to moderate rediscount rates and a policy of credit relaxation the deflationary tendency in the gold standard world was due to the continuance of dear money in london in british industry unemployment remained practically undiminished hawtrey a century of bank rate london longmans green and co 1938 pp 137 38 while mattei acknowledges that hawtrey favored easing monetary policy after the restoration of the prewar parity she minimizes its significance by citing hawtrey s recommendation to increase bank rate in 1939 from the 2 rate at which it had been pegged since july 1932 but by 1940 british inflation had risen ...
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