Meltzer Allan H. Keynes's monetary theory: A different interpretation

N.Y.: Cambridge University Press, 1990.In this rigorous study of John Maynard Keynes's views on economic theory and policy from 1920-1946, Professor Meltzer argues that some of Keynes's main ideas have been ignored or misstated. While attention has focused on short-term countercyclical policies, the main policy implications have been neglected. Keynes placed great emphasis on rules, predictability, and reduction of uncertainty. In keeping with his theoretical work, he opposed discretionary fiscal changes and favored rules to reduce instability and increase the capital stock. These policies are consistent with, and provide evidence for, the interpretation of Keynes's theory developed here.Keynes and the Keynesians
Current relevance
A sketch of the book
Keynes in the 1920s: ideas, beliefs, and events
The data and their interpretation
Main ideas and beliefes
Inflation and price instability
Opposition to the gold standard
Tariffs and trade
Theories, implications, and conjectures in the 1920s
The fundamental equations
Saving and investment
The paradox of thrift and the real balance effect
The asset market
A model of the treatise
The business cycle and disequilibrium dynamics
Criticisms of the quantity theory
The open economy
Fiscal policy
Criticisms and responses
The General Theory: a different perspective
The central thesis
The building blocks
The model
Econometric policy models
The activist Keynes
Monetary reform and international economic order
The Tract
The Treatise
From the Treatise to the currency union
The currency union
Other interpretations of the General TheoryAn alternative interpretation
Where Keynes went wrong
Where Keynes was right
What happened?