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内容説明
During the 1950s and 1960s， research on the prewar British economy was influenced strongly by ideas from Keynesian macroeconomics. It is important to reexamine this period of history， asking to what extent the Keynesian vision offers useful insights into advances in time series analysis as well as developments in macroeconomics to answer this question. They show that a modified Keynesian approach continues to offer useful insights into this period of history. In particular， in the face of wage and price rigidities， shocks to aggregate demand are seen as an important source of fluctuations in real output and unemployment. Furthermore， a rigid attachment to simple rules rather than the exercise of discretion in policy making is seen to have had serious costs in the disturbed environment of the interwar period.
Book Description
This book examines the insights that Keynesian macroeconomics offers into the economic history of the prewar British economy. It adopts a modern economic approach to issues such as unemployment， the price level and exchange rates in the period 1870-1939， making use of the latest advances in time series analysis and macroeconomics. In addition to being of interest to economic historians， it is relevant to economists concerned with current policy issues， since it shows how far correct policy choices depend on particular historical circumstances. This book examines the insights that Keynesian macroeconomics offers into the economy.
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