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The Theory of Money and Finance, by the same author, provided an introduction to the basic theory and concluded by introducing the idea of monetary disequilibrium, with the money supply process operating through bank credit creation. First published in 1981, this book develops that theme and provides empirical evidence in support of such an approach.

The period covered by this study presents an interesting cross section of monetary policy operations. It encomplasses a quite significant change in emphasis from the attempt to stabilise interest rates to trying to stabilise the quantity of money. This change has not been abrupt but has developed over time. It was encouraged by the targets for domestic credit expansion set by IMF at the end of the 1960s, but has been particularly associated with rapid acceleration of inflation in the mid-1970s. For the majority of the period money has, in fact, been considered not to be important.

Richard Coghlan

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