Keynes, the Keynesians and Monetarism

List of figures vii List of tables and boxes viii Preface xi Acknowledgements xiii Introduction: what were (and are) the debates all about? 1 PART ONE KEYNES AND THE KEYNESIANS 29 1 Were the Keynesians loyal followers of Keynes? 33 2 What was Keynes's best book? 46 3 Keynes, the Keynesians and the exchange rate 55 PART TWO THE SO-CALLED 'KEYNESIAN REVOLUTION' 77 4 Did Britain have a 'Keynesian revolution'? 81 5 Is anything left of the 'Keynesian revolution'? 112 PART THREE DEFINING BRITISH MONETARISM 123 6 The political economy of monetarism 127 7 British and American monetarism compared 146 PART FOUR THE DEBATE ON THE 1981 BUDGET 173 8 Do budget deficits 'crowd out' private investment? 177 9 Did the 1981 Budget refute na Keynesianism? 181 10 An exchange 25 years later between Professor Stephen Nickell and Tim Congdon 206 PART FIVE DID MONETARISM SUCCEED? 231 11 Assessing the Conservatives' record 235 12 Criticizing the critics of monetarism 245 13 Has macroeconomic stability since 1992 been due to Keynesianism, monetarism or what? 262 PART SIX HOW THE ECONOMY WORKS 277 14 Money, asset prices and economic activity 281 15 Some aspects of the transmission mechanism 316 Index 331