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Questions and Discussion
THE MONETARY BASE QUESTION
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30 per cent Alan Budd ANTHONY COURAKIS argument Arthur Seldon authorities balance Bank of England behaviour benefits bonds Britain British disease Brittan budget deficit buying-out cash ratio central bank charging Charles Goodhart cost of employing cost of labour debt deposits discussed effect efficiency employing labour exchange rates expenditure and taxation extra financial assets gilt-edged Hamish McRae HAROLD ROSE higher increase industry inflation inflationary interest rates interest-rate issue John Burton Keynesian macro-economic market sector Michael Beenstock monetarist monetary base system monetary growth monetary policy money supply MORRIS PERLMAN natural rate output Patrick Minford Phillips curve portfolio private sector problem Professor Minford PSBR public expenditure public sector question raise rate of tax rate of unemployment rational expectations redistribution reduce reserve asset system rise short run short-term stabilisation STABILISATION POLICY tax cuts trade unions Treasury bills union power wages Walter Eltis William Rees-Mogg workers and companies