An authoritative inside account of the origins, successes and failures of monetarism in Britain. Gordon Pepper provides a portrait of early monetarism in the UK, explains its growing appeal in the 1970s and assesses the outcome of monetarism under Thatcher, from his own perspective as a 'fly on the wall'. He provides a comprehensive guide to macroeconomic forecasting and its policy implications.

Summary - Foreword - Introduction - PART 1: HOW THE MONETARISTS CAME TO POWER - Early Monetarism in the UK - Greenwell's Monetary Bulletin - Fly on the Wall during the Thatcher Revolution - The Politics of Money Supply Targets - PART 2: THE VALIDITY OF MONETARISM: Economic Forecasts in the 1970s and 1980s - Brief History of Macroeconomic Models - The Accuracy of Routine Forecasts - Major Events - The Record of the Large Models - A Monetarist Forecast - PART 3: REFINEMENTS, FURTHER EVIDENCE AND POLICY IMPLICATIONS - The 'Liverpool Six' - Current State of Knowledge - The Forecasts of Other Monetarists - Conclusions and Policy Implications - References - Index