Figures

1. Beliefs of the hard and soft money schools

2. Four key monetary debates

3. The price history of Britain, 1873–1896

4. The Cunliffe Mechanism

5. Leijonhufvud’s circular flow diagram

6. UK public spending as a proportion of GDP, 1692–2015

7. UK public debt as a proportion of GDP, 1692–2015

8. The rise and fall of UK war debt, 1700–1914

9. UK unemployment through to the Second World War

10. Unemployment rates, 1929–1938

11. Keynes’s short-run supply and demand curve

12. GDP per capita growth in interwar years, Keynesian Age and post-1975

13. UK public sector net investment, current budget deficit and net borrowing, 1956–2014

14. UK public spending and tax revenue, 1950–2000

15. The discomfort index in the OECD, 1959–1976

16. UK monetary policy and inflation, 1970–2009

17. Oil prices and UK CPI inflation, 1970–1985

18. The Laffer curve

19. IS-LM model

20. Keynesian and neo-classical views of the economy

21. The Phillips Curve, 1948–1957

22. Expectations-augmented Phillips Curve

23. The Sargent-Lucas Phillips Curve

24. Output growth in the advanced economies during the Great Moderation

25. CPI inflation in the advanced economies during the Great Moderation

26. Comparing the effects of the 1929 and 2008 crash

27. UK tax revenue and spending, 1997–2010

28. Government budget deficits, 2001–2015

29. Government net debt, 2001–2015

30. Estimates of UK cyclically adjusted budget deficit, 2009–2018

31. Cost of government borrowing, 2000–2016

32. Estimates of the UK structural deficit, pre- and post-crisis

33. Hysteresis

34. Adjustment of labour supply in response to an external shock

35. Post-crash outcomes: UK, USA and Eurozone

36. Post-crash outcomes: Germany, Greece and Eurozone

37. UK austerity – counterfactual medicine, 2007–2013

38. The transmission mechanism of monetary policy

39. Output growth and inflation in the advanced economies during the Great Moderation

40. Cutting interest rates: central banks’ base rates, 2003–2016

41. Liquidity trap

42. Four key monetary debates

43. Good and bad outcomes of QE

44. Growth in UK bank (M4) lending, 2000–2016

45. UK exchange rate and current account, and QE, 2006–2016

46. Growth in UK money supply and money lending post-crash

47. UK broad money (M4) growth, 2000–2016

48. UK output and unemployment, 2005–2016

49. UK CPI inflation and QE, 2006–2016

50. Oil prices and UK CPI inflation, 2004–2016

51. Distribution of UK household financial assets, 2011

52. Post-crash outcomes: UK, USA and Eurozone

53. Bank of England estimates of effect of QE on UK growth rates, 2006–2011

54. Share of US income going to richest 1%, 1920–2010

55. UK Gini coefficient, 1961–2016

56. Median family income as a proportion of mean family income, USA, 1953–2013

57. Labour income share in GDP, 1960–2016

58. Share of US income going to the top

59. The Bank of England’s main economic model

60. VaR modelling

61. Securitization trends in the UK, 2000–2007

62. Capital mobility and banking crises, 1900–2010

63. Current account balances, pre-crash: China and USA

64. Current account balances, pre-crash: Eurozone core and periphery

65. Total cross-border capital inflows, 1990–2011

66. UK public investment as a share of total investment, 1948–2011

67. GDP growth in the OECD, 1986–2016