Pound Foolish
Kit McMahon, 9 May 1996
Politics and the Pound: The Conservatives’ Struggle with Sterling
by Philip Stephens.
Macmillan, 364 pp., £20, March 1996,0 333 63296 6 Show More
by Philip Stephens.
Macmillan, 364 pp., £20, March 1996,
“... rate. The theoretical underpinning for this framework was thought to have been provided by Milton Friedman and the then fashionable theory of Rational Expectations. Friedman’s views were put forward to the public in the form of simple-minded graphs purporting to show that movements in the money supply were always followed ... ”