Could Lloyd George Have Done It? The Pledge Re-examined

Kent Gerard Matthews ()

Oxford Economic Papers, 1989, vol. 41, issue 2, pages 374-407

Abstract: This paper sets out to examine the question posed by J. M. Keynes and H. Henderson in 1929--Can Lloyd George do it? Stated badly, could a monetary-financed, expansionary fiscal policy have pulled Britain out of the depression of the 1930s and have reduced unemployment permanently? This question is examined with the aid of the Liverpool Macroeconomic Model estimated for the interwar period. The model incorporates stock-flow equilibrium, rational expectations, and an explicit supply side. It is concluded that, since the money value of unemployment benefits was determined independently of the price level, Lloyd George could indeed have done it. Copyright 1989 by Royal Economic Society.

Date: 1989

Downloads: (external link)
http://links.jstor.org/sici?sici=0030-7653%2819890 ... 0.CO%3B2-J&origin=bc full text (application/pdf)
Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:oup:oxecpp:v:41:y:1989:i:2:p:374-407

Ordering information: This journal article can be ordered from
http://www.oup.co.uk/journals

Access Statistics for this article

Oxford Economic Papers is edited by A. Banerjee and James Forder

More articles in Oxford Economic Papers from Oxford University Press
Address: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
Series data maintained by Christopher F. Baum ().