De la mano de Keynes: "A tract on monetary reform"

Abstract

In A Tract on Monetary Reform John Maynard Keynes proposed to use the monetary base and the reserve-deposit ratio as main instruments of a monetary policy considered until then as no required. Beyond the concept of cycle credit developed in this book we find the first steps leading towards the notion of liquidity preference enlarged in A Treatise on Money and fully defined in the general theory such us we are presently using it. At the same time A Tract foresees the end of a process through which money and foreign reserves have became in many countries practically fiduciary loosing any relation with gold. Consequently, this work tries to call the attention towards A Tract which display to the reader some of the first contributions of Keynes to the progress of economics.exchange rates, monetary speculation, monetary policy, keynes, cambridge monetary theory