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Keynes's Monetary Theory

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  • Meltzer,Allan H.

Abstract

In this rigorous 1989 study of John Maynard Keynes's views on economic theory and policy from 1920–46, Professor Meltzer argues that some of Keynes's main ideas have been ignored or misstated. While attention has focused on short-term countercyclical policies, the main policy implications have been neglected. Keynes placed great emphasis on rules, predictability, and reduction of uncertainty. In keeping with his theoretical work, he opposed discretionary fiscal changes and favored rules to reduce instability and increase the capital stock. These policies are consistent with, and provide evidence for, the interpretation of Keynes's theory developed here.

Suggested Citation

  • Meltzer,Allan H., 2005. "Keynes's Monetary Theory," Cambridge Books, Cambridge University Press, number 9780521022750.
    • Handle: RePEc:cup:cbooks:9780521022750
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    Cited by:

    1. Ciaran Driver, 2000. "Capacity Utilisation and Excess Capacity: Theory, Evidence, and Policy," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 16(1), pages 69-87, February.

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