Titlebook: Inflation and the Making of Australian Macroeconomic Policy, 1945–85; Michael Beggs Book 2015 Michael Beggs 2015 Bretton Woods.econometric

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From the ‘Battle for the Banks’ to the ‘Credit Squeeze’: Monetary Policy in the Long 1950s in an evolutionary fashion, as a functional part of a variety of banking systems. Only over time, under the influence of macroeconomic theory and driven by successive financial crises, did they converge in the 20th century to the kind of state institution familiar today:

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Inflation and the Keynesianism of Restraint‘Nugget’ Coombs, Director General of the Ministry for Post-War Reconstruction 1943–49, central bank Governor 1949–68 and preeminent organic intellectual of the postwar technocracy, suggests that Keynesian ideas were a material force:.

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Strengthening the Central BankThe development of monetary policy through the 1960s, 1970s and 1980s is often portrayed as a story of movement from regulation to deregulation, or from a state-centred system to a market-centred system. This is the basic story, for example, which Schedvin (1992) sees underlying his intricately detailed history (though it leaves off in 1975):

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