This essay reviews Till Time's Last Sand: A History of the Bank of England, 1694–2013, David Kynaston's history of the Bank of England (the Bank) from its foundation in 1694 to the present day. I focus on three themes running through his narrative. First, for much of that time, the Bank was a private company playing a public role; how did it manage to do this and why was it eventually brought into public ownership? Second, I examine the various attempts to constrain the Bank's monetary policy to follow a simple rule; these almost invariably proved unsustainable unless the rule provided enough room for discretion. Finally, I cover the Bank's journey to becoming the lender of last resort, together with its evolving attitude to the associated risk of moral hazard.

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评论论文：戴维·基纳斯顿（David Kynaston）的《耕种前的最后一刻：英格兰银行的历史，1694–2013年》

本文回顾了《直到时间的最后一刻：英格兰银行的历史，1694–2013年》，戴维·基纳斯顿（David Kynaston）从1694年成立至今的英格兰银行（Bank）的历史。在他的叙述中，我专注于三个主题。首先，在大部分时间里，世行都是一家私人公司，在公众场合发挥作用。它是如何做到这一点的，为什么最终要归公所有制？其次，我研究了各种限制银行货币政策遵循简单规则的尝试。除非规则为自由裁量权提供了足够的空间，否则这些几乎总是被证明是不可持续的。最后，我将介绍世界银行成为最后贷款人的历程，以及它对随之而来的道德风险的态度的演变。