Thursday 26th February 1981
Niehans seminar - very useful discussion. No-one seriously disagreed with analysis - although Patrick Minford thought that goods and factor markets reacted much faster than JN [John Nott] had supposed. Sam Brittan hostile because he said a monetary expansion would always be interpreted in Britain as permanent - though he gave no evidence. Suspect that Sam is jealous because he did not see the points himself. Anthony Harris (not there) says he knew it all along.