Money, Inflation and the Constitutional Position of Central Bank
7th in the series of IEA Discussion Papers
Four authors examine the possibility of creating a market in take-off and landing slots at airports
Friedman’s paper, ‘Unemployment Versus Inflation?’ is a lucid explanation of why higher inflation does not lead to lower unemployment, and his ‘The Counter-Revolution in Monetary Theory’, the first Wincott lecture, explains why excess monetary growth is the only cause of sustained inflation. Goodhart’s paper ‘The Constitutional Position of the Central Bank’ was the 32nd Wincott Memorial Lecture. It explains how the Institutional arrangements for central banks should be developed to deliver stable prices and, importantly, to influence inflation expectations. Professor Geoffrey Wood sets the historical perspective in his introduction and also links the work of Goodhart and Friedman to the current thinking of the new Governor of the Bank of England, Mervyn King.
1. Introduction by Geoffrey E. Wood
2. Unemployment versus inflation? An evaluation of the Phillips Curve by Milton Friedman
3. The counter-revolution in monetary theory by Milton Friedman
4. The constitutional position of the central bank by Charles A. E. Goodhart
2003, ISBN 978 0 255 36538 3, 96pp, HC
Choice in Currency: A Way to Stop Inflation by F.A. Hayek.
Central Banking in a Free Society by Tim Congdon