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基本説明
Examines the insights that Keynesian macroeconomics offers into the economic history of the prewar British economy.
Full Description
During the 1950s and 1960s, research on the prewar British economy was influenced strongly by ideas from Keynesian macroeconomics. It is important to reexamine this period of history, asking to what extent the Keynesian vision offers useful insights into advances in time series analysis as well as developments in macroeconomics to answer this question. They show that a modified Keynesian approach continues to offer useful insights into this period of history. In particular, in the face of wage and price rigidities, shocks to aggregate demand are seen as an important source of fluctuations in real output and unemployment. Furthermore, a rigid attachment to simple rules rather than the exercise of discretion in policy making is seen to have had serious costs in the disturbed environment of the interwar period.
Contents
Foreword Bryan H. Sadler; 1. British macroeconomic history 1870-1939: overview and key issues S. N. Broadberry and N. F. R. Crafts; 2. An economic historians' introduction to modern time series techniques in econometrics Terence C. Mills; Part I. Great Britain and Fluctuations Under The Gold Standard 1870-1914: 3. The gold standard since Alec Ford Barry Eichengreen; 4. British economic fluctuations in the nineteenth century: is there a role for money? Forrest Capie; 5. British economic fluctuations 1851-1913: a perspective based on growth theory N. F. R. Crafts and Terence C. Mills; Part II. Price Behaviour 1870-1914: 6. Price determination under the gold standard: Britain 1880-1913 T. J. Hatton; 7. Import prices, economic activity and the general price level in the UK 1870-1913 Neil Blake; 8. Money and interest rates in Britain from 1870 to 1913 T. C. Mills and G. E. Wood; Part III. The Open Economy Context Of Price And Output Movements 1870-1914: 9. Silver, gold and the international monetary order 1851-96 P. L. Cottrell; 10. The world economy and pre-World War I Argentina C. K. Harley; Part IV. The Macroeconomy In The Interwar Years: 11. Institutional rigidity in the British labour market 1870-1939: a comparative perspective M. Thomas; 12. Employment and wages in the interwar period: the case of the staple industries Ian Gazeley and Patricia G. Rice; 13. The gold standard between the wars John Redmond; 14. Purchasing power parity and controls during the 1930s S. N. Broadberry and Mark P. Taylor; References; Index.
