In an economy with large wage setters (like industry unions), the monetary regime affects the trade-off between consumer real wages and employment and profits faced by the wage setters. This paper shows that an exchange rate target, including participation in a monetary union, is likely to...

Chapter 1. Introduction -- Chapter 2. Peel’s economic-policy regime change in Britain during the early nineteenth century -- Chapter 3. The ideas and policies of the Banking School -- Chapter 4. The crises of 1825 and 1837 -- Chapter 5. The 1847 Crises -- Chapter 6. The 1857-58 crisis, etc.