By considering recent and historical events such as the Great Depression, episodes of boom and bust in the UK, and the malaise in Japan in the 1990s and the early 21st century, monetary economist Tim Congdon is able to show how monetary policy affects both financial markets and the real economy. In all these episodes, fluctuations in money supply growth led to booms or busts in financial markets and were associated with turbulence in the price level and in output and employment. The crucial linkages between monetary policy and financial markets, argues the author, involve broad money, not narrow money. Non-bank financial institutions, such as pension funds and insurance companies, play a critical role in transmitting fluctuations in money growth to asset prices. This monograph is an important contribution to the crucial debate on the role of monetary aggregates in setting monetary policy. Congdon's argument, that ignoring monetary aggregates can lead to profound instability in the real economy, is compelling.

Money and Asset Prices in Boom and Bust

Business & Money

Congdon, Tim

Economics

Institute Of Economic Affairs

With British broadcasting standing on the threshold of immense change, this handbook leads a wide-ranging discussion of funding options open to broadcasters.

Paying for Broadcasting: The Handbook

Crafts, Hobbies & Home

Graham, Andrew

Sturgess, Brian

Davies, Gavyn

Shew, William B.

Crafts & Hobbies

Routledge

The Debt Threat: The Dangers of High Real Interest Rates for the World Economy

Blackwell*publishers

Analyzes the crisis of international debt, examines how high interest rates have contributed to the problem, and suggests possible solutions

Blackwell Pub.

Monetarism: An essay in definition

Centre for Policy Studies

In the 15 years to mid-2007 the world economy enjoyed unparalleled stability (the so-called Great Moderation”), with steady growth and low inflation. But the period since mid-2007 (the Great Recession”) has seen the worst macroeconomic turmoil since the 1930s. A dramatic plunge in trade, output and employment in late 2008 and 2009 has been followed by an unconvincing recovery. How is the lurch from stability to instability to be explained? What are the intellectual origins of the policy mistakes that led to the Great Recession? What theories motivated policies in the USA and other leading nations? Which ideas about economic policy have proved right? And which have been wrong? Money in a Free Society contains 18 provocative essays on these questions from Tim Congdon, an influential economic adviser to the Thatcher government in the UK and one of the world’s leading monetary commentators. Congdon argues that academic economists and policy-makers have betrayed the intellectual legacy of both Keynes and Friedman. These two great economists believed if in somewhat different ways in the need for steady growth in the quantity of money. But Keynes has been misunderstood as advocating big rises in public spending and large budget deficits as the only way to defeat recession. That has led under President Obama to an unsustainable explosion in American public debt. Meanwhile the Fed has ignored extreme volatility in the rate of money growth, contrary to the central message of Friedman’s analytical work. In his 1923 Tract on Monetary Reform Keynes said, The Individualistic Capitalism of today, precisely because it entrusts saving to the individual investor and production to the individual employer, presumes a stable measuring-rod of value, and cannot be efficient--perhaps cannot survive--without one.” In Money in a Free Society Congdon calls for a return to stable money growth and sound public finances, and argues that these remain the best answers to the problems facing modern capitalism.

Money in a Free Society: Keynes, Friedman, and the New Crisis in Capitalism

Encounter Books

Keynes, the Keynesians and Monetarism

Edward Elgar Publishing

`Tim Congdon's book revisits the intellectual battlefields of British monetary theory and policy. A doughty advocate of monetarism, he is stimulating, controversial and entertaining.' - Charles Goodhart, London School of Economics and Political Science, UK`Whether rescuing Keynes from the 'Keynesians' or finding support in his earlier works for a distinctly British version of Monetarism, Tim Congdon writes with engaging and provocative enthusiasm. This is a timely collection too, coming from a long-standing exponent of ideas that policy makers are once again beginning to take seriously. It deserves the careful attention of anyone interested in British monetary policy.' - David Laidler, University of Western Ontario, Canada
`As with all Tim Congdon's writing, beautifully written and vigorously argued.' - Robert Sidelsky, author of the biography John Maynard Keynes: Economist, Philosopher, Statesman
Keynes, the Keynesians and Monetarism is a major contribution to the continuing debate on macroeconomic policy-making. Tim Congdon has been a strong supporter of monetarist economic principles for over 30 years. His writings - in the newspapers and for parliamentary committees, as well as in academic journals - played an influential role in the transformation of British macroeconomic policy in the 1980s and 1990s.
This book brings together the main papers written by the author since his 1992 collection, Reflections on Monetarism. It challenges several `conventional wisdoms' about UK macroeconomic policy (and thinking about policy), arguing - for example - that the Keynesians' advocacy of incomes policy and fiscal activism in the immediate post-war decades did not have a clear basis in Keynes's own writings. The book denies that the UK had a `Keynesian revolution', in the sense of a deliberately pursued fiscal activism to promote `full employment'. Implicit throughout the volume is a distinctive view of how the economy works, with an account of the transmission mechanism (from money to the economy) in which movements in asset prices and aggregate demand are strongly influenced by the quantity of money. Congdon uses this approach to demonstrate that monetary policy has had more powerful effects on macroeconomic activity in the post-war period than fiscal policy. He also suggests that the now fashionable `New Keynesian' view of policy-making acknowledges the primacy of monetary policy and would be better termed `output gap monetarism'. In short, Keynes, the Keynesians and Monetarism contends that monetarism defeated Keynesianism in the battle of ideas in the 1970s and 1980s. The achievement of greater macroeconomic stability in the last 15 years is largely due to the impact of monetarist thinking on policy-making.
The book is clearly and attractively written, and covers topics that are fundamental to macroeconomic thinking and policy-making. It will be a provocative and appealing read for scholars at all levels of economics, macroeconomics and monetary theory. It will also find an audience among policymakers in central banks and finance ministries, business economists working in companies, and financial economists in the City of London and other centers.
Contents: Preface; Introduction; Part I: Keynes and the Keynesians; Part II: The So-called 'Keynesian Revolution'; Part III: Defining British Monetarism; Part IV: The Debate on the 1981 Budget; Part V: Did Monetarism Succeed?; Part VI: How the Economy Works; Index

REFLECTIONS ON MONETARISM: Britain’s Vain Search for a Successful Economic Strategy

The last 20 years have seen severe macroeconomic instability in Britain, with three extreme and highly damaging boom-bust cycles. Professor Tim Congdon, one of the City's most well-known commentators, has been an influential critic of successive governments' failures in economic policy throughout this period. Reflections on Monetarism brings together his most important academic papers and journalism, including his remarkably prescient series of articles in The Times from 1985 to 1988 forecasting that the Lawson credit boom would wreck the Thatcher Government's reputation for sound financial management. He presents a powerful argument that the root cause of Britain's economic instability has been the volatile growth of credit and the money supply.

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Books by Congdon, Tim