8  ‘Payment systems in eleven developed countries’ Feb 1980, BIS UK Payments statistics, published by the Payments Council 10 Under specified conditions: the Bank of England set these out publically in July 2017: ‘Access to UK Payment Schemes for Non-Bank Payment Service Provider’ 9  7  All speeches are available online at www.bankofengland.co.uk/speeches  7  The actual amount of cash in circulation is not going down. Indeed, over the last few years, demand for cash if anything has gone up slightly growing from about £ at the end of 2014 to over £ at end 2017. 11  Some of this demand can probably be attributed to the use of cash as a store of value – ‘money under the mattress’ and to the reduced cost of holding it in a low inflation, low interest rate environment. But while demand for cash has increased, there has been some fall in recent years in the value of cash payments. This stayed pretty constant for roughly the first decade of the century, but has fallen by around 10% since then. 12  And there have been even more significant changes in the volume of cash payments. In the latest data, the 13  total number of cash payments fell 16% over two years. It looks likely that last year, for the first time, the  number of card payments overtook cash payments.
1, No. 1, pp. 26–57. Galí, J. and M. Gertler (1999), “Macroeconomic Modelling for Monetary Policy Evaluation,” Journal of Economic Perspectives, Vol. 21, No. 4, pp. 25–45. Hall, P. (2011), “Is There Evidence of a Greenspan Put?,” Swiss National Bank Working Paper, 2011-6. Kim, C.-J. and C. Nelson (1999), “Has the U.S. Economy Become More Stable? A Bayesian Approach Based on a Markov Switching Model of the Business Cycle,” The Review of Economics and Statistics, Vol. 81, N° 4, pp. 608–616. Miller, M., P. Weller and L. Zhang (2001), “Moral Hazard and the US Stock Market: Analyzing the Greenspan Put,” CSGR Working Paper 83/01, The University of Warwick. Stock, J. and M. Watson (2003), “Has the Business Cycle Changed and Why?,” Macroeconomics Annual 2002, MIT Press. Svensson, L.E.O. (1997), “Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets,” European Economic Review, Vol. 41, pp. 1111–1146. Taylor, John B. (1998), “Monetary Policy and the Long Boom: The Homer Jones Lecture,” Review, Federal Reserve Bank of St. Louis, November/December, pp. 3–11. BIS central bankers’ speeches  7