Macroeconomic Policy In Britain 1974-87: 36 (National Institute of Economic and Social Research Economic and Social Studies, Series Number 36)
Cambridge University Press
Edition: Revised ed., 9/29/1994
EAN 9780521478335, ISBN10: 0521478332
Paperback, 386 pages, 22.9 x 15.2 x 2.5 cm
Language: English
This book is a survey of macroeconomic policy in Britain in the 1970s and 1980s which argues that there were important elements of continuity in the way decisions were actually taken year-by-year and month-by-month in the Treasury and the Bank of England in this period. It is written by Andrew Britton, the director of the National Institute of Economic and Social Research, and previously a senior economist at the Treasury, and is a sequel to the NIESR studies by Christopher Dow (1945–60) and by Frank Blackaby and others (1960–74). Part One is a chronological account of policy actions and their setting. Part Two provides a history of ideas, describing the most influential writings of economists in Britain during this period, while Part Three looks at the influence of the world economy on Britain. Parts Four and Five include several elements of new statistical analysis concerning the way in which policy instruments were used, in particular the signals to which policymakers reacted when setting interest rates.
List of tables
List of charts
Preface
1. Introduction
Part I. Narrative of Events
2. Prelude
the last years of the health government
3. The labour government 1974–9
4. The conservative government 1979–83
5. Conservative government continued 1983–January 1985
Part II. History Of Ideas
6. The seventies, developments of Keynesianism
7. The seventies, the monetarist challenge
8. The eighties, monetarism in practice
9. The eighties, alternatives to monetarism
Part III. Britain and the World Economy
10. The world economy 1974–87
11. The British economy compared with others
Part IV. The Conduct Of Policy
12. Introductory note on methods of analysis
13. The conduct of monetary policy
14. The conduct of fiscal policy
Part V. The Outcome For Policy Objectives
15. External balance and the exchange rate
16. Unemployment
17. Inflation
18. Output growth
Part VI. Conclusions
19. Conclusions
Appendix
Charts of main economic indicators
Bibliographic notes
Index.