The Monetary Doctrines of J. M. Keynes

John H. Williams

The Quarterly Journal of Economics, 1931, vol. 45, issue 4, 547-587

Abstract: I. Scope of the treatise, 547.—II. The theory of prices; the equations of exchange; relation between investment and saving, 549.— Does it solve the "dilemma" of the "over-savings" theories? 553. — Specific maladjustments, 555.— Profit versus anticipated profit, 556.— III. The money mechanism. Distinction between income and savings deposits; treatment of demand and time deposits, 558. The problem of business deposits, 560. Security booms and deposits; does speculation tie up credit? 567.—IV. Bank control of prices, 573. Bank rate and investment, 575.— Market rate and "natural rate," 578. Bank control and the major depressions: the nineties, 581; — England since the war, 583; — the current depression, 584.— Bank control by action "in advance," 584.— External versus internal stability, 586.

Date: 1931
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