Abstract
In some quarters an author who attempted to defend monetarism would be viewed in the same light as someone who supported paedophilia or incest! Monetarism represents the forces of darkness, ignorance and destruction which, it is alleged, inflicted untold damage on the British economy (see, for example, Gould, Mills and Stewart, 1981; and Kaldor, 1982). How could any intelligent person defend the indefensible?
The author wishes to thank David Llewellyn, Charles Goodhart, Gordon Pepper, Geoffrey Wood, Robert Sedgwick and Kevin Dowd for comments on an earlier version of this paper. None of these shares responsibility for the errors remaining or for the opinions expressed which are the sole responsibility of the author.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Alt, James and K. Alec Chrystal (1983) Political Economics (Brighton: Wheatsheaf).
Andersen, L. C. and J. L. Jordan (1968) ‘Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilization’, Federal Reserve Bank of St Louis Review, vol. 50, pp. 11–24.
Capie, F. H. (1983) A Monetary History of the UK: Volume’I Data, Sources and Methods (London: Allen & Unwin).
Chrystal, K. Alec and Monojit Chatterji (1987) ‘Money and Disaggregate Supply in the United States, 1950–1983’, European Economic Review, vol. 31, pp. 1211–28.
Chrystal, K. Alec and Kevin Dowd (1987) ‘Would a Higher Fiscal Deficit Stimulate the Economy?’ Fiscal Studies (February).
Friedman, Milton and David Meiselman (1963) ‘The Relative Stability of Money Velocity and the Investment Multiplier in the United States, 1897–1958’, in Commission on Money and Credit, Stabilization Policies (Englewood Cliffs, NJ: Prentice-Hall).
Gould, Bryan, John Mills and Shaun Stewart (1981) Monetarism or Prosperity? (London: Macmillan).
Kaldor, Nicholas (1982) The Scourge of Monetarism (Oxford: Oxford University Press).
Lucas, R. E. Jr (1976) ‘Econometric Policy Evaluation: A Critique’, in (K. Brunner and A. H. Meltzer (eds) The Phillips Curve and Labour Markets, Carnegie—Rochester Conference Series on Public Policy, vol. 1 (Amsterdam: North Holland) pp. 19–46.
Mayer, Thomas (1978) The Structure of Monetarism (New York: W. W. Norton).
Poole, W. (1970) ‘Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model’, Quarterly Journal of Economics, vol. 84, pp. 197–216.
Stone, Courtenay C. and Daniel L. Thornton (1987) ‘Solving the 1980s’ Velocity Puzzle: A Progress Report’, Federal Reserve Bank of St Louis Review (August-September) pp. 5–23.
Editor information
Editors and Affiliations
Copyright information
© 1989 Economic Research Council
About this chapter
Cite this chapter
Chrystal, K.A. (1989). In Defence of Monetarism. In: Llewellyn, D.T. (eds) Reflections on Money. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-20458-8_3
Download citation
DOI: https://doi.org/10.1007/978-1-349-20458-8_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-0-333-48529-3
Online ISBN: 978-1-349-20458-8
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)