Money in the Great Recession: did a crash in money growth cause the global slump?
In: Buckingham studies in money, banking and central banking
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In: Buckingham studies in money, banking and central banking
In: Buckingham Studies in Money, Banking and Central Banking
In: Elgaronline
In: Edward Elgar books
In: Edward Elgar E-Book Archive
Contents: Part I: What were the causes of the Great Recession? -- Preface to part I / Tim Congdon -- 1. What were the causes of the Great Recession?: the mainstream approach vs. the monetary interpretation / Tim Congdon -- 2. The debate over 'quantitative easing' in the UK's Great Recession and afterwards / Tim Congdon -- 3. UK broad money growth and nominal spending during the Great Recession: an analysis of the money creation process and the role of money demand / Ryland Thomas -- 4. Have central banks forgotten about money?: the case of the European Central Bank, 1999 - 2014 / Juan E. Castañeda and Tim Congdon -- Part II: The financial system in the Great Recession: culprit or victim? -- Preface to part II / Tim Congdon -- 5. The impact of the New Regulatory Wisdom on banking, credit and money: good or bad? / Sir Adam Ridley -- 6. Why has monetary policy not worked as expected?: some interactions between financial regulation, credit and money / Charles Goodhart -- 7. The Basle rules and the banking system: an american perspective / Steve Hanke -- Part III: How should the Great Recession be viewed in monetary thought and history? -- Preface to part III / Tim Congdon -- 8. Monetary policy, asset prices and financial institutions? / Philip Booth -- 9. How would Keynes have analysed the Great Recession of 2008 and 2009? / Robert Skidelsky -- 10. Why Friedman and Schwartz's interpretation of the Great Depression still matters: reassessing the thesis of their 1963 Monetary History / David Laidler -- Index.
Were the Keynesians loyal followers of Keynes? -- What was Keynes' best book? -- Keynes, the Keynesians and the exchange rate -- Keynes, Bernanke and Krugman, and the pathologies of capitalism -- Did Britain have a "Keynesian revolution"? -- Keynesianism, monetarism, and two concepts of the output gap -- Was the UK's great moderation due to Keynesianism, monetarism or what? -- Friedman (1948), Friedman (1996) and the effectiveness of fiscal policy in the USA -- Does fiscal policy matter? (2nd essay should be the times article) -- British and American monetarism compared -- Do changes in the quantity of money smother fiscal policy? -- The political economy of monetarism.
In: CRCE new series 23
In: Edward Elgar E-Book Archive
Contents: Preface -- Introduction: What were (and are) the debates all about? -- Part I: Keynes and the Keynesians -- 1. Were the Keynesians loyal followers of Keynes? -- 2. What was Keynes's best book? -- 3. Keynes, the Keynesians and the exchange rate -- Part II: The so-called 'Keynesian revolution' -- 4. Did Britain have a 'Keynesian revolution'? -- 5. Is anything left of the 'Keynesian revolution'? -- Part III: Defining British monetarism -- 6. The political economy of monetarism -- 7. British and American monetarism compared -- Part IV: the debate on the 1981 budget -- 8. Do budget deficits 'crowd out' private investment? -- 9. Did the 1981 budget refute naïve Keynesianism? -- 10. An exchange 25 years later between professor Stephen Nickell and Tim Congdon -- Part V: Did monetarism succeed? -- 11. Assessing the conservatives' record -- 12. Criticizing the critics of monetarism -- 13. Has macroeconomic stability since 1992 been due to Keynesianism, monetarism or what? -- Part VI: How the economy works -- 14. Money, asset prices and economic activity -- 15. Some aspects of the transmission mechanism -- Index.
The last 20 years have seen severe macroeconomic instability in Britain, with three extreme and highly damaging boom-bust cycles. Professor Tim Congdon, one of the City's most well-known commentators, has been an influential critic of successive governments' failures in economic policy throughout this period. Reflections on Monetarism brings together his most important academic papers and journalism, including his remarkably prescient series of articles in The Times from 1985 to 1988 forecasting that the Lawson credit boom would wreck the Thatcher Government's reputation for sound financial management. He presents a powerful argument that the root cause of Britain's economic instability has been the volatile growth of credit and the money supply
In: Policy study
In: Centre for Policy Studies 106
In: Springer eBook Collection
In: Economic affairs: journal of the Institute of Economic Affairs, Band 43, Heft 3, S. 441-444
ISSN: 1468-0270
In: Economic affairs: journal of the Institute of Economic Affairs, Band 43, Heft 2, S. 185-200
ISSN: 1468-0270
AbstractCrucial to the debates on monetarism is the money aggregate relevant to its key propositions, in particular those that relate to the determination of nominal national income and inflation. In his influential work on 'market monetarism', Scott Sumner has accorded a privileged position to the monetary base in the key monetarist propositions. This article argues that, on the contrary, in a modern economy the role of cash is so small, as well as so clandestine, that the monetary base does not play any direct role in the determination of national income and inflation.