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Keynes’s Monetary Theory of Interest

Geoff Tily

Office for National Statistics (ONS)

May 2012

BIS Paper No. 65c

Now there is no part of our economic system which works so badly as our monetary and credit arrangements; none where the results of bad working are so disastrous socially; and none where it is easier to propose a scientific solution. (J. M. Keynes: Speech to the Liberal Party, December 1923, The Collected Writings of John Maynard Keynes XIX, Vol I, pp 158-9)

Full publication: Threat of fiscal dominance?

Number of Pages in PDF File: 31

Keywords: Keynes, bank money, liquidity preference, long-term rate of interest, debt management policy, tap issue, capital control, international clearing union

JEL Classification: B22, E12, E43, E50, F30

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Date posted: June 20, 2012  

Suggested Citation

Tily, Geoff, Keynes’s Monetary Theory of Interest (May 2012). BIS Paper No. 65c. Available at SSRN: http://ssrn.com/abstract=2078944

Contact Information

Geoff Tily (Contact Author)
Office for National Statistics (ONS) ( email )
London, SW1A 2AA
United Kingdom
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