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Monetarism under Thatcher : lessons for the future / Gordon T. Pepper and Michael J. Oliver.
Lippincott Library HG939.5 .P348 2001
Available
- Format:
- Book
- Author/Creator:
- Pepper, Gordon T., 1934-
- Language:
- English
- Subjects (All):
- Monetary policy--Great Britain.
- Monetary policy.
- Money supply.
- Great Britain.
- Money supply--Great Britain.
- Great Britain--Economic policy--1979-1997.
- Economic policy.
- Physical Description:
- xxviii, 114 pages : illustrations ; 24 cm
- Place of Publication:
- Cheltenham, UK ; Northampton, MA : Edward Elgar, [2001]
- Contents:
- Part I History
- 1 A brief history of monetary policy since Radcliffe 3
- 'Pre-Competition and Credit Control' 3
- 'Competition and Credit Control'
- Mark I 5
- Mark II 7
- 2 Monetarism in the UK 8
- The Move to monetary targets 8
- Controlling the money stock 9
- 3 Monetarism and the officials 12
- 4 Monetarism under Thatcher 16
- The Green Paper Monetary Control 16
- The MTFS 17
- The Treasury and Civil Service Select Committee Debate 20
- 5 Monetarism and the politicians 21
- Keith Joseph 21
- Geoffrey Howe 22
- Nigel Lawson 24
- Margaret Thatcher 27
- Postcript: a personal note by Pepper 29
- Part II Policy Dilemmas
- 7 A Type of supply-side control: control via the 'counterparts' 39
- Printing-press money 39
- Fountain-pen money 40
- The 'counterparts' of broad money 41
- Relationship between the counterparts 42
- 8 Overfunding: a useful tool or cosmetic device? 44
- Historical background 44
- The Bank's bill mountain 44
- Problems with overfunding 46
- 9 Asset-price inflation 48
- Financial bubbles 49
- The efficient-market hypothesis 50
- Appendix Types of traders in securities 51
- 10 Debt deflation 54
- The cure for debt deflation 55
- Debt management policy in the UK 56
- Part III Policy Solutions
- 12 Monetary base control 63
- Historical background 65
- Definitions of the monetary base 65
- Criticisms of MBC 66
- Howe's reasons for rejecting MBC 68
- Lawson's reasons for rejecting MBC 71
- The US experiment 73
- The Bank's entrenched attitude 74
- Lower level of interest rates 77
- The practice of other countries 78
- 13 MBC versus funding policy 79
- 14 A published target for the monetary base 81
- Appendix 1 Definitions of monetary aggregates 87
- Appendix 2 The behaviour of broad money in 1980/81 88
- Appendix 3 UK versus US monetarism 90
- Appendix 4 A monetary model for the UK 92
- The narrow aggregates 92
- Broad money 93
- Appendix 5 Demand-side or supply-side control
- speed of response of demand and supply 97.
- Notes:
- "In association with the Institute of Economic Affairs."
- Includes bibliographical references (pages 105-108) and index.
- ISBN:
- 1840646373
- OCLC:
- 45463526
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