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Kahn's Theory of Liquidity Preference and Monetary Policy

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  • Dardi, Marco

Abstract

The gist of Richard Kahn's theory of liquidity preference lies in a study of how the assortment of expectations and types of uncertainty present at any given moment in the financial markets affects the relationship between the quantity of money and interest rates. While ruling out the idea of the demand for money as a stable function of the rate of interest, this approach shifts the emphasis from a mechanical view of monetary policy to the more unconventional notion of a 'policy of opinion.' (c) 1994 Academic Press, Inc. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Dardi, Marco, 1994. "Kahn's Theory of Liquidity Preference and Monetary Policy," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 18(1), pages 91-106, February.
    • Handle: RePEc:oup:cambje:v:18:y:1994:i:1:p:91-106
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    Cited by:

    1. Louis-Philippe Rochon, 2001. "Cambridge's Contribution to Endogenous Money: Robinson and Kahn on credit and money," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 287-307.
    2. Matias Vernengo & Louis-Philippe Rochon, 2001. "Kaldor and Robinson on money and growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 75-103.

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