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

John Smithin

Keywords: Keynes; money and banking; endogenous money; central banks; interest rates; bank rate; liquidity preference; non-neutrality

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.

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