Victor Argy Professor of Economics, Macquarie University

• Preface A Summary Perspective on the Issues Part 1: International Monetary Regimes and the Euro-Dollar System 1. The Gold Standard Regime 2. The IMF System 3. The Postwar Experience – 1946 to 1967 4. Reform Proposals – Mark I: The Early 1960s 5. Special Drawing Rights (SDRs) 6. Continuing Crises and the Breakdown of Bretton Woods 7. The Growth of the Euro-Currency System 8. The Oil Price Shock of 1974 – Financial Impacts 9. Deficiencies of the IMF System and Reasons for Its Collapse 10. Reforms and Reform Discussions – Mark II: 1968 to 1978 Part 2: The Analytical Framework for an Open Economy 11. A Neo-Keynesian Model of Aggregate Demand and Aggregate Supply 12. Monetarist Models – I: The Expectations-Augmented Phillips Curve and the Natural Rate of Unemployment 13. Monetarist Models – II: A Two-Sector Model 14. The Choice of Model – Issues and Evidence Part 3: Global Inflation and Unemployment 15. Theories of Global Inflation – The 1970s 16. Public Sector Growth and Inflation – 1965 to 1975 17. Global Inflation – The Evidence 18. The Downturn (1974–1975) and the Conservative Reaction (1976–1978) Part 4: Managed Floats – 1973 to 1978 19. The Forward Market – Analysis and Evidence 20. Exchange Rate Behaviour – Theoretical Analysis 21 Exchange Rate Behaviour – The Evidence Part 5: Choice of Exchange Rate Regime 22. The Effectiveness of Macro-Policy 23. Insulation of the Domestic Economy from Random Disturbances 24. Exchange Rate Regime – World Inflation and Unemployment 25. Exchange Rate Flexibility, Trade, Reserve Demand and Vicious Circles 26. Costs and Benefits of a Managed Float 27. Monetary Unions – Analysis and Application to the EEC Part Six: Macro-Policy 28. Conventional Macro-Policy – Targets, Instruments and Assignments 29. The New Economic Environment and Its Policy Implications 30. Policies for Stagflation – I: A Review of Some Proposals 31. Policies for Stagflation – II: Prices and Incomes Policies (PIP) 32. A Framework for Macro-Policy Bibliography Index

Victor Argy Professor of Economics, Macquarie University

• Preface A Summary Perspective on the Issues Part 1: International Monetary Regimes and the Euro-Dollar System 1. The Gold Standard Regime 2. The IMF System 3. The Postwar Experience – 1946 to 1967 4. Reform Proposals – Mark I: The Early 1960s 5. Special Drawing Rights (SDRs) 6. Continuing Crises and the Breakdown of Bretton Woods 7. The Growth of the Euro-Currency System 8. The Oil Price Shock of 1974 – Financial Impacts 9. Deficiencies of the IMF System and Reasons for Its Collapse 10. Reforms and Reform Discussions – Mark II: 1968 to 1978 Part 2: The Analytical Framework for an Open Economy 11. A Neo-Keynesian Model of Aggregate Demand and Aggregate Supply 12. Monetarist Models – I: The Expectations-Augmented Phillips Curve and the Natural Rate of Unemployment 13. Monetarist Models – II: A Two-Sector Model 14. The Choice of Model – Issues and Evidence Part 3: Global Inflation and Unemployment 15. Theories of Global Inflation – The 1970s 16. Public Sector Growth and Inflation – 1965 to 1975 17. Global Inflation – The Evidence 18. The Downturn (1974–1975) and the Conservative Reaction (1976–1978) Part 4: Managed Floats – 1973 to 1978 19. The Forward Market – Analysis and Evidence 20. Exchange Rate Behaviour – Theoretical Analysis 21 Exchange Rate Behaviour – The Evidence Part 5: Choice of Exchange Rate Regime 22. The Effectiveness of Macro-Policy 23. Insulation of the Domestic Economy from Random Disturbances 24. Exchange Rate Regime – World Inflation and Unemployment 25. Exchange Rate Flexibility, Trade, Reserve Demand and Vicious Circles 26. Costs and Benefits of a Managed Float 27. Monetary Unions – Analysis and Application to the EEC Part Six: Macro-Policy 28. Conventional Macro-Policy – Targets, Instruments and Assignments 29. The New Economic Environment and Its Policy Implications 30. Policies for Stagflation – I: A Review of Some Proposals 31. Policies for Stagflation – II: Prices and Incomes Policies (PIP) 32. A Framework for Macro-Policy Bibliography Index

Victor Argy Professor of Economics, Macquarie University

• Preface A Summary Perspective on the Issues Part 1: International Monetary Regimes and the Euro-Dollar System 1. The Gold Standard Regime 2. The IMF System 3. The Postwar Experience – 1946 to 1967 4. Reform Proposals – Mark I: The Early 1960s 5. Special Drawing Rights (SDRs) 6. Continuing Crises and the Breakdown of Bretton Woods 7. The Growth of the Euro-Currency System 8. The Oil Price Shock of 1974 – Financial Impacts 9. Deficiencies of the IMF System and Reasons for Its Collapse 10. Reforms and Reform Discussions – Mark II: 1968 to 1978 Part 2: The Analytical Framework for an Open Economy 11. A Neo-Keynesian Model of Aggregate Demand and Aggregate Supply 12. Monetarist Models – I: The Expectations-Augmented Phillips Curve and the Natural Rate of Unemployment 13. Monetarist Models – II: A Two-Sector Model 14. The Choice of Model – Issues and Evidence Part 3: Global Inflation and Unemployment 15. Theories of Global Inflation – The 1970s 16. Public Sector Growth and Inflation – 1965 to 1975 17. Global Inflation – The Evidence 18. The Downturn (1974–1975) and the Conservative Reaction (1976–1978) Part 4: Managed Floats – 1973 to 1978 19. The Forward Market – Analysis and Evidence 20. Exchange Rate Behaviour – Theoretical Analysis 21 Exchange Rate Behaviour – The Evidence Part 5: Choice of Exchange Rate Regime 22. The Effectiveness of Macro-Policy 23. Insulation of the Domestic Economy from Random Disturbances 24. Exchange Rate Regime – World Inflation and Unemployment 25. Exchange Rate Flexibility, Trade, Reserve Demand and Vicious Circles 26. Costs and Benefits of a Managed Float 27. Monetary Unions – Analysis and Application to the EEC Part Six: Macro-Policy 28. Conventional Macro-Policy – Targets, Instruments and Assignments 29. The New Economic Environment and Its Policy Implications 30. Policies for Stagflation – I: A Review of Some Proposals 31. Policies for Stagflation – II: Prices and Incomes Policies (PIP) 32. A Framework for Macro-Policy Bibliography Index