Structural Change, Monetary Policy and the Foreign Exchange Value of Sterling

Robert Z. Aliber

A chapter in Monetarism in the United Kingdom, 1984, pp 213-230 from Palgrave Macmillan

Abstract: Abstract When, in May 1925, Great Britain went back on the gold standard at its pre-1913 parity, sterling was overvalued (Keynes). The second major increase in the world price of crude oil in 1979 again caused sterling to become overvalued. There are numerous analogies between the two periods, and several contrasts. In both periods, unemployment was unusually high; indeed, the British unemployment rate in the last several years has been higher than in any period since the Great Depression (Mitchell, 1976). Yet the policy implications of overvaluation in recent years are very different from those in the 1920s.

Keywords: Exchange Rate; Monetary Policy; Price Level; Foreign Exchange; Real Exchange Rate (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-06284-3_15

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DOI: 10.1007/978-1-349-06284-3_15

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