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An authoritative inside account of the origins, successes and failures of monetarism in Britain. Gordon Pepper provides a portrait of early monetarism in the UK, explains its growing appeal in the 1970s and assesses the outcome of monetarism under Thatcher, from his own perspective as a 'fly on the wall'. He provides a comprehensive guide to macroeconomic forecasting and its policy implications.

Professional investors are bombarded on a day to day basis with assertions about the role liquidity is playing and will play in determining prices in the financial markets. Few, if any, of the providers or recipients of such advice can truly claim to understand the well-springs of such liquidity and the transmission mechanisms through which it impacts asset prices.

This groundbreaking new book explores the belief that at the core of liquidity there is a force which exerts individuals to effect a financial transaction when they would not otherwise do so. Understanding this force of...

A discussion of the principles of monetary policy in the context of economic and political history, thus seeking to illuminate both monetary theory and monetary policy. It draws on a wide range of sources, making use of the recollections of participants in policy-making during the years of the Thatcher governments. The authors advocate direct control of the monetary base (MO) with interest rates being left to find their market level; and they examine the policy debates under Margaret Thatcher that in the end frustrated this proposal.