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撒切尔下的货币主义
未来的教训
9781840646375 Edward Elgar Publishing
这本书权威分析最近的困难ms associated with the UK’s monetary system and suggests a long-term solution to control bank lending in the future. It draws on extensive historical material, discussions with former senior officials and politicians, and the perceptive insights of Gordon Pepper, an advisor to Margaret Thatcher when the foundations of monetary control were being laid, to revisit and re-examine the monetarist experiment of the 1980s.
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Critical Acclaim
Contents
更多信息
这本书权威分析最近的困难ms associated with the UK’s monetary system and suggests a long-term solution to control bank lending in the future. It draws on extensive historical material, discussions with former senior officials and politicians, and the perceptive insights of Gordon Pepper, an advisor to Margaret Thatcher when the foundations of monetary control were being laid, to revisit and re-examine the monetarist experiment of the 1980s.
作者认为，尽管总理的本能，当局从未试图控制1980年代的货币供应，而仅支付了口头服务来控制对金钱的需求。银行贷款的非凡行为是1970年代中期，1980年代的劳森（Lawson）繁荣以及1990年代初期经济衰退深度的理发繁荣的重要原因。他们断言，不同的利率是管理贷款和有争议的无效工具，并提出唯一持久的解决方案是控制银行的储备。作者有力地认为，如果英国不成为欧洲单一货币的成员，则需要重新开放围绕货币基础控制的辩论。
通过重新评估英国经济政策的重要时代并为未来提出战略，这本书将引起经济历史学家，货币和政治经济学家，政策制定者和投资顾问的极大兴趣。
作者认为，尽管总理的本能，当局从未试图控制1980年代的货币供应，而仅支付了口头服务来控制对金钱的需求。银行贷款的非凡行为是1970年代中期，1980年代的劳森（Lawson）繁荣以及1990年代初期经济衰退深度的理发繁荣的重要原因。他们断言，不同的利率是管理贷款和有争议的无效工具，并提出唯一持久的解决方案是控制银行的储备。作者有力地认为，如果英国不成为欧洲单一货币的成员，则需要重新开放围绕货币基础控制的辩论。
通过重新评估英国经济政策的重要时代并为未来提出战略，这本书将引起经济历史学家，货币和政治经济学家，政策制定者和投资顾问的极大兴趣。
Critical Acclaim
‘Many monetarists would agree with the premise of this book, namely that the monetarist experiment was a flawed or incomplete experiment. The authors argue that a major flaw was the lack of monetary control. In doing so they resurrect a long-standing debate on interest rate versus money base control (MBC). Those who think that the issue of MBC was buried in the 80s should think again and read this book.’
- 肯特·马修斯（Kent Matthews），英国加的夫大学
‘最后，对1980年代英国货币主义政策实验的技术严格且政治知情的说法接近了一些事情。爱或讨厌撒切尔主义，欣赏或憎恶那些从芝加哥讲座大厅到城市交易室，再到英国内阁和财政部的人，您将需要从领先的城市货币主义者戈登·佩珀（Gordon Pepper）阅读这项最新作品。在1970年代和1980年代，以及迈克尔·奥利弗（Michael Oliver），这是英国货币历史上这一引人入胜的情节的非正式编年史。此外，在谈到现在以及过去的情况下，他们将注意当今和将来对货币政策的有争议的建议。’
- 英国布里斯托尔大学罗杰·米德尔顿（Roger Middleton）
‘在撒切尔（Thatcher）年代和之后，没有人能真正理解货币主义的作用，而无需彻底阅读本书。为了补充胡椒对流程和机构的敏锐分析，奥利弗为参加货币主义的原则和实践的小规模冲突和全面战斗提供了历史背景。作者正确地识别了“真正的货币主义者”和杂物伪造的历史。总体而言，想法（即使不是详细的机制）
monetarism seem to me to have won the day and the decades since 1979.’
- 撒切尔夫人的首席经济顾问艾伦·沃尔特斯爵士
‘A characteristically provocative critique by two of monetarism’s most tenacious theologians which identifies Margaret Thatcher and Keith Joseph as the only “true believers” – perhaps significantly the two who had been furthest away from the coal-face of economic policy.’
– The Rt. Hon. The Lord Howe of Aberavon, CH, QC Chancellor of the Exchequer, 1979–1983
‘Economics is sometimes thought of as abstract, divorced from the real world, incapable of saying anything useful for practical decision making. This book by Michael Oliver and Gordon Pepper shows just how false that view is. The book embeds a discussion of the principles of monetary policy in the context of economic and political history, thus illuminating both monetary theory and monetary policy. It draws on a wide range of sources, making highly skilled use of the recollections of participants in policy making during the years of the Thatcher governments. This book will interest and inform present day readers, and will be an invaluable source for future historians.’
- 英国城市大学商学院的杰弗里·伍德（Geoffrey Wood）
- 肯特·马修斯（Kent Matthews），英国加的夫大学
‘最后，对1980年代英国货币主义政策实验的技术严格且政治知情的说法接近了一些事情。爱或讨厌撒切尔主义，欣赏或憎恶那些从芝加哥讲座大厅到城市交易室，再到英国内阁和财政部的人，您将需要从领先的城市货币主义者戈登·佩珀（Gordon Pepper）阅读这项最新作品。在1970年代和1980年代，以及迈克尔·奥利弗（Michael Oliver），这是英国货币历史上这一引人入胜的情节的非正式编年史。此外，在谈到现在以及过去的情况下，他们将注意当今和将来对货币政策的有争议的建议。’
- 英国布里斯托尔大学罗杰·米德尔顿（Roger Middleton）
‘在撒切尔（Thatcher）年代和之后，没有人能真正理解货币主义的作用，而无需彻底阅读本书。为了补充胡椒对流程和机构的敏锐分析，奥利弗为参加货币主义的原则和实践的小规模冲突和全面战斗提供了历史背景。作者正确地识别了“真正的货币主义者”和杂物伪造的历史。总体而言，想法（即使不是详细的机制）
monetarism seem to me to have won the day and the decades since 1979.’
- 撒切尔夫人的首席经济顾问艾伦·沃尔特斯爵士
‘A characteristically provocative critique by two of monetarism’s most tenacious theologians which identifies Margaret Thatcher and Keith Joseph as the only “true believers” – perhaps significantly the two who had been furthest away from the coal-face of economic policy.’
– The Rt. Hon. The Lord Howe of Aberavon, CH, QC Chancellor of the Exchequer, 1979–1983
‘Economics is sometimes thought of as abstract, divorced from the real world, incapable of saying anything useful for practical decision making. This book by Michael Oliver and Gordon Pepper shows just how false that view is. The book embeds a discussion of the principles of monetary policy in the context of economic and political history, thus illuminating both monetary theory and monetary policy. It draws on a wide range of sources, making highly skilled use of the recollections of participants in policy making during the years of the Thatcher governments. This book will interest and inform present day readers, and will be an invaluable source for future historians.’
- 英国城市大学商学院的杰弗里·伍德（Geoffrey Wood）
Contents
Contents: Foreword Preface Introduction Part I: History 1. A Brief History of Monetary Policy since Radcliffe 2. Monetarism in the UK 3. Monetarism and the Officials 4. Monetarism under Thatcher 5. Monetarism and the Politicians 6. Summary and Conclusions of Part I Part II: Policy Dilemmas 7. A Type of Supply-side Control: Control via the ‘Counterparts’ 8. Overfunding: A Useful Tool or Cosmetic Device? 9. Asset-Price Inflation 10. Debt Deflation 11. Summary and Conclusions of Part II Part III: Policy Solutions 12. Monetary Base Control 13. MBC versus Funding Policy 14. A Published Target for the Monetary Base 15. Summary and Conclusions of Part III Appendices References Index
