Abstract
Apart from Monetarism, the two major postwar attempts to redefine monetary policy were the United States availability of credit doctrine in 1951 and the Radcliffe committee report of 1959. Although substantively different, there was a common core running through both of them and, in the end, the Radcliffe committee, in a monumental failure of nerve, embraced one of the main tenets of the availability of credit doctrine—the locking-in effect. In view of the current monetary turmoil in the United States and Britain and the revived interest in the Radcliffe liquidity thesis as a basis for a theory of money-supply endogeneity, it might be worthwhile to have another look.
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References
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Rousseas, S. (1985). Financial Innovation and Control of the Money Supply. In: Jarsulic, M. (eds) Money and Macro Policy. Recent Economic Thought Series, vol 5. Springer, Dordrecht. https://doi.org/10.1007/978-94-015-7715-1_3
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DOI: https://doi.org/10.1007/978-94-015-7715-1_3
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