Presenting a coherent interpretation of the development of economic and social policy in Britain since 1945, this book analyses the political assumptions underlying post-war economic policy. It traces these assumptions through the classic texts of Keynes and Beveridge, the architects of limited,...

What monetary policy framework, if adopted by the Federal Reserve, would have avoided the Great Inflation of the 1960s and 1970s? We use counterfactual simulations of an estimated model of the U.S. economy to evaluate alternative monetary policy strategies. We show that policies constructed...