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LUBS2280
Module Reading List

Macroeconomic Policy and Performance in Britain, 2019/20, Semester 2
Dr Gary Slater
g.slater@leeds.ac.uk
Tutor information is taken from the Module Catalogue

There is no single core text for this module although you will find the following, relatively inexpensive text useful for several topics:

Skidelsky, R. (2018) Money and government : a challenge to mainstream economics ISBN: 9780241352823; 0241352827London: Allen Lane

For each topic, several readings are suggested including journal articles, other academic and policy papers.

You are not expected to read everything but the readings listed will enable you to familiarise yourself with the range of opinions and debate for each topic.

Lecture 1. Britain in decline?

Booth, A. (2001) The British Economy in the Twentieth Century, Basingstoke: Palgrave Macmillan, chapter 1

Crafts, N. (2002) Britain's Relative Economic Performance 1870-1999, London: Institute of Economic Affairs 

Crafts, N. and Woodward, N. (1991) ‘The British economy since 1945: introduction and overview’, in N. Crafts and N. Woodward (eds.) The British Economy Since 1945, Oxford: Oxford University Press

Kitson, M. (2004) ‘Failure followed by success or success followed by failure? A re-examination of British economic growth since 1949’ in R. Floud and P. Johnson (eds.) (2004) The Cambridge Economic History of Modern Britain, Volume III: Structural Change and Economic Growth, 1939-2000, Cambridge: Cambridge University Press

Middleton, R. (2014) ‘Economic policy and management, 1870-2010’, in R. Floud, P. Johnson and K. Humphries, (eds.), The Cambridge Economic History of Modern Britain, 2nd edition, Volume II: Growth and Decline, 1870 to the Present, Cambridge: Cambridge University Press also available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2177266

Sentence, A. (1997) ‘UK macroeconomic policy and economic performance’ in T. Buxton, P. Chapman and P. Temple (eds.) Britain's Economic Performance, London: Routledge pp. 20-37

Skidelsky, R. (2018) Money and government : a challenge to mainstream economicsLondon: Allen Lane, chapter 6

Tomlinson, J. (2009) ‘Thrice denied: 'declinism' as a recurrent theme in British history in the long twentieth century', 20th Century British History. 20 (2) pp. 227-251

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Lecture 2. Monetary policy, monetarism and inflation: the 1970s

Theory

Friedman, M. (1970 [2003]) ‘The counter-revolution in monetary theory’ reprinted in G. Wood, M. Friedman and C. Goodhart, Money, Inflation and the Constitutional Position of the Central Bank, London: Institute for Economic Affairs available from: http://www.iea.org.uk/sites/default/files/publications/files/upldbook202pdf.pdf

Froyen, R. (1990) Macroeconomics : Theories and Policies London: Macmillan, chapter 9 ‘The Monetarist Counterrevolution’

Gowland, D. (1991) Money, inflation and unemployment : the role of money in the economy ISBN: 0710807570 (pbk ; cased) : £8.95; 0389205532 (U.S.); 0710807627, 2nd edition, Hemel Hempstead: Harvester Wheatsheaf, chapter 1 and 2.  Available as an Online Course Reading in Minerva 

Kaldor, N. (1970) ‘The new monetarism’, Lloyds Bank Review. 97(1), 1-18  

Slater, G. (2006) ‘Monetarism’ in T. Fitzpatrick; H. Kwon; N. Manning; and G. Pascall (eds.) International Encyclopedia of Social Policy, London:Routledge (also available from Minerva)

Snowdon, B. and Vane, H. (2005) Modern Macroeconomics : Its Origins, Development and Current State Cheltenham: Edward Elgar, chapter 4 (sections 4.1, 4.2, 4.5 and interview with Friedman) 

Policy and performance

Backhouse, R. (2009) ‘Economists and the rise of neo-liberalism’, Renewal : a Journal of Social Democracy., 17(4), pp.17-25 available at: http://renewal.org.uk/files/Renewal_17.4_.Backhouse_.Economists_.pdf

Cobham, D. (2002) The Making of Monetary Policy in the UK, 1975-2000 Chichester: Wiley, chapters 1, 2 and 3.  

Davies, A. (2012) 'The evolution of British monetarism: 1968-1979', Discussion Papers in Economic and Social History, no.104, University of Oxford, available at: https://www.nuff.ox.ac.uk/economics/history/paper104/davies104.pdf

Skidelsky, R. (2018) Money and government : a challenge to mainstream economics ISBN: 9780241352823; 0241352827London: Allen Lane, chapter 7 sections I to IV  Available as an Online Course Reading in Minerva 

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Lecture 3. Monetary policy, monetarism and inflation: the 1980s

Policy and performance

Allsopp, C. (1985) ‘The assessment: monetary and fiscal policy in the 1980s’, Oxford Review of Economic Policy., 1(1), 1–20  

Arestis, P. (1983) ‘The UK monetarist experiment’, Journal of public policy.4(1), pp.39-56

Champroux, N. and Sowels, N. (2015) ‘The monetary and fiscal policies of early Thatcherism and the legacy of the Medium Term Financial Strategy’, Observatoire de la société britannique, 17, 135-161 (available at: https://journals.openedition.org/osb/1780)

Cobham, D. (2002) The Making of Monetary Policy in the UK, 1975-2000 Chichester: Wiley, chapter 3 

Goodhart, C. (1989) ‘The conduct of monetary policy’, Economic Journal. 99 (396), June, 193-346

Healey, N. (1987) ‘The U.K. 1978-82 “monetarist experiment”: why economists still disagree’, PSL Quarterly Review, 40(163)  OCR REQUESTED BY LIBRARY (KR 02/01/2019) 

Kaldor, N. (1985) ‘How monetarism failed’, Challenge. 28(2) May-June, 4-13 Available as an Online Course Reading in Minerva 

Skidelsky, R. (2018) Money and government : a challenge to mainstream economics ISBN: 9780241352823; 0241352827London: Allen Lane, chapter 7 section V 

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Lecture 4. Monetary policy and inflation – new frameworks after monetarism

Theory/context

Bernanke, B. S. and Mishkin, F. (1997) ‘Inflation targeting: a new framework for monetary policy’, The Journal of Economic Perspectives. 11(2), 97–116

Blanchard, O.,  Amighini, A. and Giavazzi, F. (2017) Macroeconomics: A European Perspective3rd edition, Harlow: Pearson, chapter 23.

Cobham, D. (2002) The Making of Monetary Policy in the UK, 1975-2000 Chichester: Wiley, chapter 1 for theoretical issues and chapters 4 to 7 for an overview of policy actions and outcomes (especially 6 and 7 on the early years of inflation targeting)  

HM Treasury (2013) Review of the Monetary Policy Framework ISBN: 9780101858823 : £16.00 (Cm 8588), London: HM Treasury, available at: https://www.gov.uk/government/publications/review-of-the-monetary-policy-framework

Skidelsky, R. (2018) Money and government : a challenge to mainstream economics ISBN: 9780241352823; 0241352827London: Allen Lane, chapter 7 sections VI to end.

Snowdon, B. and Vane, H. (2005) Modern Macroeconomics : Its Origins, Development and Current State Cheltenham: Edward Elgar, chapter 7 (sections 7.11 and 7.12 only).

Policy and performance

On Exchange Rate targets in the UK

Allsopp, C., Jenkinson, T. and Morris, D. (1991) ‘The assessment: macroeconomic policy in the 1980s’, Oxford Review of Economic Policy., 7(3), 68–80

Cobham, D. (1997) ‘Inevitable Disappointment? The ERM as the framework for UK monetary policy 1990–92’ International review of applied economics. ISSN: 0269-2171, 11(2), 213-228  

On Inflation Targeting in the UK

Angeriz, A. and Arestis, P. (2007) ‘Monetary policy in the UK’, Cambridge Journal of Economics., 31(6), 863–884

Besley, T. and Sheedy, K. (2010) ‘Monetary policy under Labour’, National Institute Economic Review., 212(1), 15–33

Cobham, D. (2013) ‘Monetary policy under the Labour government: the first 13 years of the MPC’, Oxford Review of Economic Policy., 29(1), 47–70

Dale, S., Proudman, J., and Westaway, P. (2010) ‘The inflation-targeting regime in the United Kingdom: a view from Threadneedle Street’, Oxford Review of Economic Policy., 26(1), 3– 14

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Lecture 5. The changing role of fiscal policy

Theory/context

Allsopp, C. and Vines, D. (2005) ‘The macroeconomic role of fiscal policy’, Oxford Review of Economic Policy, 21(4), 485–508. (ignore section on EMU)  

Arestis, P. and Sawyer, M. (2004) ‘On fiscal policy and budget deficits’, Intervention: European Journal of Economics and Economic Policies, 1(2), 61-74 

Blanchard, O.,  Amighini, A. and Giavazzi, F. (2017) Macroeconomics: A European Perspective3rd edition, Harlow: Pearson, chapter 22

Carlin, W. and Soskice, D. (2015) Macroeconomics : Institutions, Instability and the Financial System Oxford: Oxford University Press, chapter 14

Skidelsky, R. (2018) Money and government : a challenge to mainstream economics ISBN: 9780241352823; 0241352827London: Allen Lane, chapter 7 section VI.

Policy and performance

Arestis, P. (2012) ‘Fiscal policy: a strong macroeconomic role’, Review of Keynesian Economics, 1(1), 93-108.

Arestis, P. and Sawyer, M. (2003) ‘Reinventing fiscal policy’, The Journal of Post-Keynesian Economics. 26(1), 3-25.

Barro, R. (1989) ‘The Ricardian approach to budget deficits’, The Journal of Economic Perspectives. 3(2), pp. 37-54.

Clark, T. and Dilnot, A. (2004) ‘British fiscal policy since 1939’ in R. Floud and P. Johnson (eds.) (2004) The Cambridge economic history of modern Britain, Volume III: Structural Change and Economic Growth, 1939-2000, Cambridge: Cambridge University Press

Wren-Lewis, S. (2013) ‘Aggregate fiscal policy under the Labour government, 1997-2010’, Oxford Review of Economic Policy., 29(1), 25–46

 

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Lecture 6. Fiscal policy, fiscal rules and the government budget

Theory/context

Blanchard, O.,  Amighini, A. and Giavazzi, F. (2017) Macroeconomics: A European Perspective3rd edition, Harlow: Pearson, chapter 22  

Labour’s Fiscal Rules

Budd, A. (2010) ‘Fiscal policy under Labour’, National Institute Economic Review., 212(1), 34–48

CM3978 (1998) Stability and Investment for the Long Term: Economic and Fiscal Strategy Report 1998Chapter 3, London: The Stationery Office

HM Treasury (2010) Budget 2010, London: TSO, paragraphs 1.28-1.46 (available at: http://tinyurl.com/LabBudget2010)

Wren-Lewis, S. (2013) ‘Aggregate fiscal policy under the Labour government, 1997-2010’, Oxford Review of Economic Policy., 29(1), 25–4

Fiscal Rules under the Coalition and Conservatives

Coalition Record

Wren-Lewis, S. (2015) ‘The macroeconomic record of the Coalition government’, National Institute economic review. ISSN: 0027-9501, 231(1), R5–R16

Osborne’s rule change

HM Treasury (2015) Charter for Budget Responsibility: Autumn Update, London : HM Treasury

Portes, J. (2015) ‘Commentary : The government’s fiscal strategy’, National Institute economic review. ISSN: 0027-9501, 233(1), F4–F9

Hammond’s rule change

Emmerson, C. (2016) Fiscal rules [versions 13.0 to 15.0], London: Institute for Fiscal Studies (pdf of slides and video presentation available at: https://www.ifs.org.uk/tools_and_resources/budget/514)

HM Treasury (2017) Charter for Budget Responsibility: Autumn Update, London : HM Treasury

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Lecture 7. Unemployment: from macroeconomic to microeconomic policy frameworks

Theory/context

Carlin, W. and Soskice, D. (2015) Macroeconomics : Institutions, Instability and the Financial System Oxford: Oxford University Press, chapters 2 and 15

Layard, S., Nickell, S. and Jackman, R. (2005) Unemployment : Macroeconomic Performance and the Labour Market 2nd ed., Oxford: Oxford University Press, Introduction to New Edition and Chapter 1  

Melliss, C. and  Webb, A. (1997), 'The United Kingdom NAIRU: concepts, measurement and policy implications', OECD Economics Department Working Papers, No. 182.

Smith, S. (2003) Labour Economics, 2nd ed., London: Routledge, chapter 10 pages 343 – 378

Policy and performance analysis

Bell, D. and Blanchflower, D. (2018) 'The lack of wage growth and the falling NAIRU', National Institute economic review. ISSN: 0027-9501245(1), pp. R40–R55

Deakin, S. and Reed, H. (2000) ‘River crossing or cold bath? Deregulation and employment in Britain in the 1980s and 1990s’, in G. Esping-Andersen and M. Regini (eds.) Why Deregulate Labour Markets?, Oxford: Oxford University Press

Glyn, A., Howell, D.and Schmitt, J. (2006) 'Labor market reforms: the evidence does not tell the orthodox tale', Challenge, 49(2), March-April.  Available as an Online Course Reading in Minerva 

Theodore, N. (2007) ‘New Labour at work: long-term unemployment and the geography of opportunity’, Cambridge Journal of Economics. 31(6), pp.927-39

Critiques of the mainstream NAIRU model

Michie, J. and Wilkinson, F. (1995) ‘Wages, government policy and unemployment’, Review of Political Economy. 7(2), pp.133-149

O’Shaughnessy, T. (2011) ‘Hysteresis in unemployment’, Oxford Review of Economic Policy., 27(2), 312–337

Rowthorn, R. (1995) ‘Capital formation and unemployment’, Oxford Review of Economic Policy. 11(1), pp.26-39

Sawyer, M. (1997) ‘The NAIRU: a critical appraisal’ Levy Economics Institute of Bard College, Working Paper no.203, available at: http://www.levyinstitute.org/pubs/wp203.pdf

Sawyer, M. (2010) ‘Crises and paradigms in macroeconomics’, Intervention: European Journal of Economics and Economic Policies, 7(2), 283-302.

Stockhammer, E. (2011) ‘Wage norms, capital accumulation, and unemployment: a post-Keynesian view’, Oxford Review of Economic Policy., 27(2), 295–311.

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Lecture 8.  Fiscal policy after the financial crisis

General overviews

Boltho, A. and Glyn, A. (2006) ‘Prudence or profligacy: deficits, debt and fiscal consolidation’, Oxford Review of Economic Policy. 22(3), pp.411-425

IMF (2010) ‘Will it hurt? Macroeconomic effects of fiscal consolidation’ in IMF World Economic Outlook: Recovery, Risk and Rebalancing, chapter 3, Washington: International Monetary Fund.

Konzelman, S. (2014) ‘The political economics of austerity’, Cambridge Journal of Economics. 38(4), pp.701-741

Sawyer, M. (2012) ‘The tragedy of UK fiscal policy in the aftermath of the financial crisis’, Cambridge Journal of Economics. 36(1), pp.205-221

Skidelsky, R. (2018) Money and government : a challenge to mainstream economics ISBN: 9780241352823; 0241352827London: Allen Lane, Part Three, pp.215-220 and chapter 8.  OCR REQUESTED BY LIBRARY (KR 02/01/2019) 

Wren-Lewis, S. (2010) ‘Macroeconomic policy in light of the credit crunch: the return of counter-cyclical fiscal policy? ’ Oxford Review of Economic Policy., 26(1), 71–86

Wren-Lewis, S. (2011) ‘Lessons from failure: fiscal policy, indulgence and ideology’, National Institute Economic Review., 217(1), 31–46  

On the debt-ratio and growth

Herndon, T., Ash, M. and Pollin, R. (2014) ‘Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff’, Cambridge Journal of Economics. 38(1), pp.257-79

Reinhart, C. and Rogoff, K. (2010) ‘Growth in a time of debt’, American Economic Review. 100(2), pp.573-77

On expansionary fiscal contraction

Boltho, A. and Glyn, A. (2006) ‘Prudence or profligacy: deficits, debt and fiscal consolidation’, Oxford Review of Economic Policy. 22(3), pp.411-425

Chick, V., Pettifor, A. and Tily, G. (2016) The Economic Consequences of Mr Osborne (Updated), Policy Research in Macroeconomics (PRIME), London; focus on the Preface.

Chowdhury, A. and Islam, I. (2012) ‘The debate on expansionary fiscal consolidation: how robust is the evidence?’ the Economic and Labour Relations Review , 23(3), pp.13-38. 

 

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Lecture 9.  Monetary policy after the financial crisis

General overviews

Bernanke, B. and Reinhart, V. (2004) ‘Conducting monetary policy at very low interest rates’, American Economic Review. ISSN: 0002-8282, 94(2), pp.85-90

Bowdler, C. and Radia, A. (2012) ‘Unconventional monetary policy: the assessment’, Oxford Review of Economic Policy., 28(4), 603–621  

Klyuev, V., de Imus, P. and Srinivasan, K. (2009) Unconventional Choices for Unconventional Times: Credit and Quantitative Easing in Advanced Economies, IMF Staff Position Note, SPN/09/27, November, Washington: International Monetary Fund, available at: https://www.imf.org/external/pubs/ft/spn/2009/spn0927.pdf

McLeay, M., Radia, A. and Thomas, R. (2014) ‘Money creation in the modern economy’, Quarterly Bulletin 2014 Q1, 54(1), London: Bank of England.

Sharpe, T. and Watts, M. (2013) ‘Unconventional monetary policy in the UK: a modern money critique’, Economic Issues. ISSN: 1363-7029. 18(2), pp.41-64 available at: http://www.economicissues.org.uk/Files/2013/213Sharpe.pdf

Skidelsky, R. (2018) Money and government : a challenge to mainstream economics ISBN: 9780241352823; 0241352827London: Allen Lane, Part Three, pp.215-220 and chapter 9.  OCR REQUESTED BY LIBRARY (KR 02/01/2019) 

Analyses of the impact of quantitative easing

Haldane, A., Roberts-Sklar, M., Wieladek, T. and Young, C. (2016) ‘QE: the story so far', Bank of England Staff Working Paper, no. 624 (sections 1, 3 and 4).

Joyce, M., McLaren, N. and Young, C. (2012) ‘Quantitative easing in the United Kingdom: evidence from financial markets on QE1 and QE2’, Oxford Review of Economic Policy. 28(4), pp.671-701

Martin, C. and Milas, C. (2012) ‘Quantitative easing: a sceptical survey’, Oxford Review of Economic Policy. 28(4),pp.750-764

 

 

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Lecture 10: Post-crisis, post-Brexit: the reversal of decline?

Barrell, R., Holland, D. and Liadze, I. (2010) ‘Accounting for UK economic performance 1973-2009’, NIESR Discussion Paper no.359, London: National Institute of Economic and Social Research  

Corry, D., Valero, A. and Van Reenan, J. (2011) ‘UK Economic performance since 1997: growth, productivity and jobs’, Centre for Economic Performance Special Paper no.24, London: London School of Economics

Crafts, N. (2016) ‘The impact of EU membership on UK economic performance', The political quarterly. ISSN: 0032-3179, 87(2), pp.262-68

Keep, E., Mayhew, K. and Payne, J. (2006) ‘From skills revolution to productivity miracle—not as easy as it sounds?’, Oxford Review of Economic Policy. 22(4), pp.539-559

Pessoa, J. and Van Reenan, J. (2013) ‘The UK productivity and jobs puzzle: does the answer lie in labour market flexibility?’, Centre for Economic Performance Special Paper no.31, London: London School of Economics, available at: http://cep.lse.ac.uk/pubs/download/special/cepsp31.pdf

Pryce, V. (2015) ‘Why should we care about productivity?’ National Institute economic review. ISSN: 0027-9501, 231(1), pp.R30-R35

Van Reenen, J. (2013) ‘Productivity under the 1997-2010 Labour government’, Oxford review of economic policy., 29(1), pp.113–141

Van Reenen, John (2016) ‘Brexit's long-run effects on the U.K. economy’, Brookings papers on economic activity. ISSN: 0007-2303, 2016(2), pp. 367-383.

This list was last updated on 30/04/2019