Monetary Policy in the United Kingdom

II.The Basic Postulates of 'Monetarism' and their
III.The Model of the Economy Underlying the
Monetarist View9-30
1. Reasoning from false premisses12-17
2. The role of the PSBR18-30
IV.How the Policy Really Functions31-42
V.The Problem of Alternative Strategies43-51
VI.Comments on Particular Issues52-136
1. The supply side of the economy52-61
2. The money supply, interest rates, the price
level, and the PSBR62-126
A. Determinants of the money supply62-6
B. The definition of money67-72
C. The interest elasticity of money73-4
D. The income elasticity of money75-8
E. The myth of the time-lag79-83
F. Present UKmonetary policy84-104
(a) The PSBR and the growth of the
money stock87-96
(b) The PSBR and interest rates97-104
G. Crowding out105-12
H. Inflation and the personal savings ratio113-17
I. Alternative methods of controlling the
money supply118-26
3. The problem of exchange rate policy127-36


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The Scourge of Monetarism


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