A critique of monetary policy: Theory and British experience by J. C. R. Dow

By J. C. R. Dow

Tough approved knowledge of economic idea, this examine of the idea of economic coverage in England analyzes the habit of the banking method and the problems of valuable financial institution keep watch over, and argues that cash construction is an endogenous approach, made up our minds in part by means of the fee point.

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In the 1970s all the world’s major economies had catastrophic experiences with inflation, the fight against inflation, stagflation and high unemployment. The 1980s were characterised by the fight against inflation and by major macroeconomic distortions, causing many countries serious problems. But the 1980s also saw a wealth of studies 38 • Historical background into the origins of the 1970s problems. Why was it that some countries had double-digit inflation and more? A large number of studies revealed that central bank independence and inflation outcomes are closely correlated.

The media saw two reasons why the Federal Government would on no account nominate Otmar Issing. For one thing, I was held to be largely responsible for the Bundesbank’s rejection of the Government’s idea of revaluing the (considerably undervalued) Bundesbank gold reserves and transferring the extra profit to the state in the run-up to monetary union. For another, following numerous articles I had published on the topic of the euro, I was held to be an economist who was at any rate sceptical about the 1 January 1999 starting date for monetary union, if not allegedly about the whole euro project.

Eugenio Domingo Solans (1945) had studied economics and had held professorships in finance at a number of Spanish universities. Also a member of numerous national and international bodies, he had held several senior posts at Spanish banks. Alongside his professorship, he had latterly been a member of the Governing Council and the Executive Commission of the Spanish central bank. Tommaso Padoa-Schioppa (1940), after studying economics, had pursued a successful career at Italy’s central bank, rising to the position of Deputy Director General.

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