2012 The Econom doi: 10.1111/j.1475 This paper focuses on Federal Reserve policy in the United States after the financial crisis. Two key interventions – QE1 and QE2 – are reviewed, and a model is outlined that can be used to help understand some of the consequences of the financial crisis, and the policy responses to the crisis. Liquidity traps play an important role in the analysis, and it is...

The British welfare state is under attack today, that much is clear. But why? What is the nature of the attack? How does the 'new conservatism' of the Thatcher government differ from the 'traditional Toryism' of Macmillan and Heath? What is the link between the Government's monetarist economic policies and their and-welfarism? And will either work ? These are some of the questions I want briefl...

It is not quite true, as one (hostile) commentary has asserted, that Monetarism was developed by “Milton Friedman at the Federal Reserve Board (sic) of St. Louis,” but it is nevertheless the case that the intellectual environment created at this Bank by Homer Jones ensured that the doctrine took root and flourished here when it was very much a minority taste elsewhere.1 And indeed, at least two...