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BOE Says It's Not to Blame for Century-Old U.S. Financial Crises

Goldman Sees the Power of BOE Tightening Increasing Through 2018
Photographer: Chris J. Ratcliffe/Bloomberg

The Bank of England says its interest-rate changes in the early part of the 20th century didn’t inflame economic crises in the U.S. at that time.

In a working paper published Friday, BOE analyst Georgina Green said her findings go against an accepted view that the central bank must bear some responsibility.