By Gordon Pepper
An authoritative within account of the origins, successes and screw ups of monetarism in Britain. Gordon Pepper presents a portrait of early monetarism within the united kingdom, explains its starting to be charm within the Seventies and assesses the result of monetarism below Thatcher, from his personal viewpoint as a 'fly at the wall'. He offers a entire consultant to macroeconomic forecasting and its coverage implications.
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Additional info for Inside Thatcher’s Monetarist Revolution
5 There were other incidents involving the Bank, one of which was particularly memorable. Pip Greenwell received a telephone call from a nonexecutive director of the Bank saying that criticism in the Bulletin was starting to damage the Bank's reputation and suggesting a dinner at which to mediate. There were four people present. The confrontation was between me and Christopher Dow, who was the executive director of the Bank in charge of the Economic Intelligence Department and a truly venerable Keynesian.
There was a grave danger that a government following such a policy would be thrown out of office at the end of its first term of office, in which case the incoming government would almost certainly execute a massive U-turn and the end-result would be appalling. Mrs Thatcher's response to this argument was that getting re-elected for a second term of office was a political and not an economic matter and to leave it to her. 30 How the Monetarists Came to Power The danger of not being re-elected might have been avoided if shock treatment had been chosen rather than gradualism.
The third channel is stressed by international monetarist (see Frenkel and Johnson, 1976) and we gave publicity to this in 1976 (see Bulletin, no. 52, May 1976, and no. 4, p. 142). 8, p. 171). We also learnt that analysis of the financial deficits and surpluses of the various sectors of the economy (the public, overseas, corporate and personal sectors) could help to fill in the transmission mechanism. 3, p. 141). Focus on changes in the real balances on the personal sector also helped (although we did not use the terminology that later became accepted; see Bulletin no.