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This volume is the second collection of the series of lectures, held annually at City University, London, in honour of Henry Thornton, the renowned 19th Century monetary economist.

Monetary and exchange rate policies of national monetary authorities, together with certain of their consequences, provide the common theme for the studies in this volume.

Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy makers, or to those attempting to understand economic behaviour.

Most notably, and common to all countries, was the behaviour of asset prices relative to the general price level. Their striking common feature is that, on the evidence presented here, the behaviour of asset prices should not be of great concern to policy makers, or to those attempting to understand economic behaviour.