The Scourge of Monetarism

amount balance of payments bank deposits Bank of England Bank Rate banking system billions cash cause cent Central Bank changes clearing banks Cmnd commodities competitive cost countries credit control credit-money current account demand for money economists economy effect exchange rate exogenous expectations exports financial assets Friedman funds gilts gold Government Government's growth higher hold Ibid important incomes policy industrial inflation inflationary instrument interest rates interest-bearing deposits investment issues J. R. Hicks Keynes Keynesian labour liquid assets loan Lord Radcliffe ment Milton Friedman Minimum Lending Rate monetarist monetary authorities monetary policy money incomes money stock money supply money-commodity non-bank private sector output percentage period production PSBR quantity of money quantity theory rate of interest ratio reduction relation result savings statistical supply of money Table target theory of money tion unfunded United Kingdom velocity of circulation wages Walras