Lloyds Bank Annual Review articles from January 1 1991

Lloyds Bank Annual Review archives from January 1 1991

Monetary policy in a fiat world. (paper presented at The Second International Conference of the Institute for Monetary and Economic Studies, Bank of Japan, Tokyo, Japan) (Monetarism and the Keynesians)
January 1, 1991... In the past decade or so, there has been a burst of scholarly interest in various aspects of monetary reform - not the conduct of current monetary policy, which for decades has been the object of active scholarly work, but the institutional...

Monetary policy in the United States. (Monetarism and the Keynesians) (Transcript)
January 1, 1991... Mr Chairman and Members of the Committee, I am pleased to be here today to testify in connection with our semi-annual Monetary Policy Report to the Congress. In my prepared remarks this morning I shall discuss, as is customary on such...

UK monetary policy in the second half of the 1980s. (Monetarism and the Keynesians) (Transcript)
January 1, 1991... The Bank's utterances - maybe especially Gubernatorial utterances - are often alleged to be in Delphic code. I intend to try to give the lie to such assertions this evening by speaking very plainly about recent monetary policy. I shall, of...

The European monetary system: a long-term view. (Monetarism and the Keynesians)
January 1, 1991... Introduction I have been invited to contribute to this conference with a consideration of the long-term prospects of the European Monetary System (EMS). My approach will differ from that of the other studies in this volume: it will take...

Why money matters. (Monetarism and the Keynesians)
January 1, 1991... August this year marks the tenth anniversary of the publication of the celebrated Radcliffe Report, which enshrined what had come to be conventional wisdom during the preceding quarter of a century, namely, that monetary policy is unimportant....

The new monetarism. (includes Milton Friedman's comment and author's reply) (Monetarism and the Keynesians)
January 1, 1991... The Keynesian revolution of the late 1930s has completely displaced earlier ways of thinking and provided an entirely new conceptual framework for economic management. As a result, we think of day-to-day problems - of inflationary or...

What is wrong with monetarism. (includes comment by Harry G. Johnson and author's reply) (Monetarism and the Keynesians)
January 1, 1991... |Grey hairs', say a German proverb, |are churchyard flowers'. Yet we do not suppose that the way to prolong life is to stop the hair going grey. In physiology, or in medicine, we think we know the difference between symptoms and causes; but in...

The failure of the Keynesian conventional wisdom. (includes comment by Lord Kahn and author's reply) (Monetarism and the Keynesians)
January 1, 1991... It would be universally agreed today that Keynes's General Theory of Employment, Interest and Money is, together with Smith's Wealth of Nations and Marx's Das Kapital one of the three truly great books that political economists have written. It...

A new view of money. (Monetarism and the Keynesians)
January 1, 1991... An understanding of the determinants of the supply of money and the relationship between the supply of and the demand for money is fundamental to the conduct of monetary policy and the interpretation of monetary history. However, at present...

Rethinking monetary policy. (Monetarism and the Keynesians)
January 1, 1991... Each of the past three decades in Britain has begun with major revisions to the system of monetary controls, and the pattern is being sustained in the 1980s. This article examines the adequacy of the proposed new arrangements,(1) beginning by...

The integration of monetary, fiscal and incomes policy. (Monetarism and the Keynesians)
January 1, 1991... A great deal of the discussion of monetary policy appears to be based on the assumption that it is an alternative to incomes policy.(1) In some justifications of monetarist theory this is trivially true, in that it is claimed that setting...

Origins of the monetarist fallacy - the legacy of gold. (Monetarism and the Keynesians)
January 1, 1991... One of the chief reproaches directed at economics as an allegedly empirical science is that it can offer so few fundamental regularities. The field of money is the chief example one can offer in rebuttal: there is perhaps no other empirical...

A critique of monetary policy. (Monetarism and the Keynesians)
January 1, 1991... For the last fifteen years or so, monetary policy in this country has been concerned with control of the monetary aggregates - as it has for much of the time in most other industrial countries. Though this general slant of policy in this...