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Was Keynes’s Monetary Policy, à outrance in the Treatise, the Model for ZIRP and QE?

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  • Jan Kregel

    () (Levy Economics Institute)

Abstract

While Keynes can be considered the true father of the “unorthodox” monetary policies introduced by the Bank of Japan and the Federal Reserve, these policies also provide the test of their efficacy that Keynes called for. They suggest that Keynes’s Treatise optimism was misplaced, and that his more nuanced, skeptical, position in the General Theory was more appropriate; in particular, his emphasis on the need to provide an external source of demand through government expenditure.

Suggested Citation

  • Jan Kregel, 2012. "Was Keynes’s Monetary Policy, à outrance in the Treatise, the Model for ZIRP and QE?," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(65-66), pages 7-22, September.
  • Handle: RePEc:bcr:ensayo:v:1:y:2012:i:65-66:p:7-22
    as

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    File URL: http://www.bcra.gov.ar/pdfs/investigaciones/65-66_Kregel.pdf
    File Function: Spanish version (versión en Español)
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    References listed on IDEAS

    as
    1. Richard J. Kent, 2004. "Keynes's Lectures at the New School for Social Research," History of Political Economy, Duke University Press, vol. 36(1), pages 195-206, Spring.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. ¿Fue Keynes el precursor de la política de tasa de interés cero?
      by Adrián Ravier in Punto de Vista Economico on 2013-02-06 21:01:26

    More about this item

    Keywords

    fiscal policy; Keynes; monetary policy; quantitative easing; zero interest rate;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy

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