136. All this of course is speculation about possibilities in the distant future. Its implication for the present is only that it is best to avoid any hasty commitment for maintaining a fixed parity with other countries, as would be involved in joining the EMS, for example.


NOTES ON SUBSEQUENT DEVELOPMENTS

Added in February 1982 (revised in May 1985)

(p. 58) Since the above was written, in June 1980, wage settlements in the manufacturing sector have come down substantially (from around 20 to around 8 per cent p.a.) and the effective exchange rate of the pound has also fallen to a considerable extent -- from 99 to 71.3 in terms of the Smithsonian average, though it has since recovered (in May 1985) to 79.2.
(p. 59) It is only in these cases (i.e. where whole factories have closed down) that the rise in unemployment is likely to be accompanied by a rise in productivity, since the closures tend to be concentrated among enterprises of low productivity. This factor explains, I think, why the productivity record in the current recession was more favourable than could have been expected from the experience of earlier recessions.
(p. 96) Since then, with the reduction to 12 per cent in March 1981 (and then again in April 1985) the negative yield gap has largely disappeared (except for very long-term issues), but has not yet been replaced by the 'normal' positive yield curve.
§
(p. 97) Since this was written MLR was officially abolished, in August 1981. I am assured, however, that de facto the Bank of England exercises the same control over money market rates as before.
(p. 109) To be accurate, the Government's market intervention was aimed at stabilizing the dollar exchange up to June 1977, and at linking to the Smithsonian average after that.
(p. 111) This was true at the time of writing. Since then, the deep recession of the economy has depressed imports, while oil revenue has become larger, so that the balance of payments on current account has been in surplus to the tune of £4.5 billions a year in the average of the four years 1980-3, though by 1984 the surplus virtually disappeared. Hence during the 1980-3 period the risk of a speculative attack on sterling was very much smaller and the attraction of using the exchange rate weapon for improving competitiveness much greater; however the Government renounced the use of any exchange rate policy in order to stimulate exports. More than the cumulative total of £18 billions surplus on current account has been invested abroad. Over the four years direct investment totalled £21.4 billions (including £6.8 billions by the oil companies) and portfolio investment £19.6 billions, or £41 billions altogether. (This was partially offset by inward investment of £17.5 billions, making the net outflow of capital £23.5 billions over the four-year period.)

-112-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
The Scourge of Monetarism
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • List of Figures and Tables vii
  • INTRODUCTION TO THE SECOND EDITION ix
  • INTRODUCTION TO THE FIRST EDITION xx
  • PART I - The Radcliffe Report and Monetary Policy 1
  • A Personal Note on Lord Radcliffe 2
  • Lecture I 3
  • Lecture II 17
  • PART II - Monetary Policy in the United Kingdom 37
  • Evidence to the Treasury And Civil Service Committee July 1980 39
  • NOTES ON SUBSEQUENT DEVELOPMENTS 112
  • Index 113
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 114

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.