Malcolm C. Sawyer

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The aim of this paper is to investigate some aspects of the approach to monetary policy which have been widely adopted but which can be seen as a departure from the approach to monetary policy based on control of the money supply. This involves the manipulation of Central Bank interest rate (the repo rate), with the specific objective of achieving the(More)
The main purpose of this paper is to propose an alternative stability and growth pact amongst European Union (EU) governments to underpin the introduction of a single currency and a "single market" within the EU. The alternative pact proposed in this paper embraces a number of new aspects of integration within the EU which entails a number of insights.(More)
Recent developments in macroeconomic policy, in terms of both theory and practice, have elevated monetary policy while downgrading fiscal policy. Monetary policy has focused on the setting of interest rates as the key policy instrument, along with the adoption of inflation targets and the use of monetary policy to target inflation. Elsewhere, we have(More)
* The authors are from the University of East London and University of Leeds respectively. They are grateful to Kevin McCauley for research assistance, and to Iris Biefang-Frisancho Mariscal for helpful discussions on the econometric aspects of the paper. This paper is part of a project financed by The Jerome Levy Economics Institute of Bard College,(More)
and fundamental aspects to the attempted explanation of the fall in value of the euro, aspects not readily accommodated within the critical realist framework. These are described below as an illustration and development of the critique of critical realism detailed above (and developed in Brown et. al. 2002). The question regarding the external value of the(More)
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