Monetarism Under Thatcher: Lessons for the Future
A discussion of the principles of monetary policy in the context of economic and political history, thus seeking to illuminate both monetary theory and monetary policy. It draws on a wide range of sources, making use of the recollections of participants in policy-making during the years of the Thatcher governments. The authors advocate direct control of the monetary base (MO) with interest rates being left to find their market level; and they examine the policy debates under Margaret Thatcher that in the end frustrated this proposal.
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A brief history of monetary policy since Radcliffe
Monetarism and the officials
Monetarism and the politicians
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Alan Walters argue argument asset prices asset-price inflation authorities balance sheet bank deposits bank lending Bank of England bank reserves Bank's banking system behaviour bill leak borrowing broad money cash requirement cent Chancellor commercial bill controlling the money corset debt deflation debt management demand for money deposit accounts economic policy economists effect example exchange rate financial markets fiscal policy fluctuations foreign exchange market fountain-pen money genuine monetarist gilt-edged market gilt-edged stock Green Paper growth of broad HM Treasury increase interest rates intermediate target Keynesian Lawson Lawson boom mandatory ratio Margaret Thatcher Middleton monetary aggregates monetary base control monetary control monetary policy monetary targets money stock money supply MTFS Nigel Lawson notes and coin officials overfunding Pepper Peter Middleton political monetarist pragmatic monetarist Prime Minister PSNCR public sector reserve asset rise sector net cash short-term sterling M3 supply of money thirty year rule Treasury bill