ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00254.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00255.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00256.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00257.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00258.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

The recent changes in the value of the dollar and the talk of an interest rate ‘war’ demonstrate again that the world finds it difficult to cope with rapid exchange rate movements. In some ways the experience ‐ and the reactions to it ‐ are similar to the events of 1978. As now, the world was in a recession (though on a milder scale) and there were fears that exchange rate problems would obstruct economic recovery. The main difference is that in 1978 it was the strength of the Deutschmark which caused concern whereas this time the problems are associated with the rise in the value of the dollar.In aBriefing PaperinEconomic Outlook,February 1978, ‘Monetary Targets and the World Economy’ we suggested that the problem arose from inconsistencies between national monetary policies and exchange rate objectives. In general, countries dislike exchange rate changes ‐ in either direction ‐ and there were problems because countries would not accept the exchange rate consequences of their own or other countries' monetary policies. We estimated the required monetary policies for stable exchange rates and suggested specific national monetary targets for 1978 which would at least move the world economy towards consistent monetary policies. In thisEconomic Viewpointwe return to those ideas. We consider what happened in 1978 and we also revise the underlying monetary rules. More recent experience suggests that although there has been some progress towards the convergence of monetary policies there will continue to be trend changes in exchange rates. It is also clear that there will be short‐term fluctuations around these trends. We believe that greater convergence of monetary policies would be desirable but failing that it is important that countries should avoid abrupt changes in monetary policy. It is also important that countries should become accustomed to exchange rate changes. They should direct monetary policy towards their objectives for inflation and should not be diverted from it by temporary or permanent changes in the

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00259.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

The rise in sterling during 1979 and 1980 was a remarkable and largely unexpected development While it has been accepted that the rise in the exchange rate played an important part in the reduction in the UK inflation rate during 1980 it has also been suggested that the appreciation of sterling was a major cause of the fall in output, particularly in the manufacturing sector.In this Viewpoint we attempt to assess the effect of the rise in sterling on output and inflation by comparing the performance of the UK economy with that of the Irish Republic. As a member of the European Monetary System (EMS), Ireland shared the general depreciation of the European currencies against sterling. We suggest that the result has been a higher rate of inflation in Ireland than in the UK Also, although the Irish manufacturing sector avoided the UK's loss of competitiveness, the fall in manufacturing output in Ireland during 1980 was ‐ when allowance is made for a higher underlying rate of growth in Ireland ‐ comparable to that in th

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00260.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

摘要:

ThisBriefing Paperis concerned with the structural implications of public expenditure for economic performance. It examines the growing role of public expenditure in Britain over the past hundred years, and compares the current share of public spending in the UK with that in other developed countries. Since overall public expenditure does not appear to be a useful concept in the context of the structural debate, the distinctions between different types of public expenditure are emphasised The main purpose of theBriefing Paperis to clarify the current debate.

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00261.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00262.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY

ISSN:0140-489X    

DOI:10.1111/j.1468-0319.1981.tb00263.x

出版商:Blackwell Publishing Ltd    

年代:1981

数据来源: WILEY