The Central Banks: The International and European Directions

By William Frazer | Go to book overview

Part II
Operations, Mechanisms, and the State

The Keynesian i-regime, fiscal-policy oriented economies introduced under "liquidity preference" are extended along both domestic and international lines. Chapter 3 turns to hypotheses about bank traditions and procedures and the interest-rate/fiscal policy orientation. It is a part of some central bank organizations (most notably, the Bank of England) and notions about "fiscal policy" causation as a part of the money and credit creation process.

This overall alignment of banking organization and economic theory reached a fruitful state of discussion at the hands of the United Kingdom's Lord Kaldor and in his public-policy writings which extend to his book, The Scourge of Monetarism ( 1982). In his hands, the central bank is accommodative of government fiscal policy and any demand for bank loans that may arise. Seen as a part of Keynesian economics (or that economics with a post-Keynesian flair), inflation can arise as the central bank accommodates the government in its efforts to attain "full employment." It did so in the United Kingdom and in the United States in the 1970s, including as direct controls over prices were invoked in both countries.

An extended Keynesian/theoretic dimension is that price increases under the accommodative arrangements may occur as a result of imperfect and monopolistic market structures. This in turn, links in part to the positions of J. M. Keynes ( Frazer 1994a, Sections 2.3, 7.3), whereby wages would remain tied to production in the presence of the management of the overall economy. Market-structures (or "market-power") theories of inflation are linked to Keynesian/theoretic economics ( Frazer 1994a, Section 3.2).

In all of these, there are theoretic and polity connected positions that I see as constituting alternative analytical systems. Beginning in Chapter I with connections between Friedman's variant of Marshall's demand curve and the price index, special time frames enter the analysis and appear in the extensions

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