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Keynes's theories of money and banking in the Treatise and The General Theory

Author

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  • John Smithin

    (York University, Toronto)

Abstract

This paper identifies what seem to have been the five main issues in contention in monetary theory, both historically and in the current era, and discusses the view that J.M. Keynes took on each of them in the Treatise on Money and The General Theory. The key issues in monetary theory are the ontology of money, endogenous versus exogenous money, interest-rate determination, the choice of the monetary policy instrument, and the neutrality versus non-neutrality of money.

Suggested Citation

  • John Smithin, 2013. "Keynes's theories of money and banking in the Treatise and The General Theory," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(2), pages 242-256, January.
    • Handle: RePEc:elg:rokejn:v:1:y:2013:i:2:p242-256
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    Citations

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    Cited by:

    1. Orsola Costantini, 2015. "The Cyclically Adjusted Budget: History and Exegesis of a Fateful Estimate," Working Papers Series 24, Institute for New Economic Thinking.
    2. Fernando J. Cardim de Carvalho, 2013. "Keynes and the endogeneity of money," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 431—446-4, October.

    More about this item

    Keywords

    Keynes; money and banking; endogenous money; central banks; interest rates; bank rate; liquidity preference; non-neutrality;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E0 - Macroeconomics and Monetary Economics - - General
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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