Keynes’s Monetary Theory of Interest
Office for National Statistics (ONS)
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, F30Accepted Paper Series
Date posted: June 20, 2012
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