Keynes's Analysis of Economic Crises and Monetary Policy in the General Theory: Its Relevance after 75 Years

Docherty, P

Keynes's Analysis of Economic Crises and Monetary Policy in the General Theory: Its Relevance after 75 Years

Docherty, P

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Publication Type:: Journal Article
Citation:: Review of Political Economy, 2011, 23 (4), pp. 521 - 535
Issue Date:: 2011-10-01

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Field	Value	Language
dc.contributor.author	Docherty, P https://orcid.org/0000-0002-9975-6435	en_US
dc.date.issued	2011-10-01	en_US
dc.identifier.citation	Review of Political Economy, 2011, 23 (4), pp. 521 - 535	en_US
dc.identifier.issn	0953-8259	en_US
dc.identifier.uri	http://hdl.handle.net/10453/17349
dc.description.abstract	This paper argues that Keynes's treatment of economic fluctuations and monetary policy in the General Theory is still relevant after 75 years. His treatment of severe economic crises provides considerable insight into the possibility of crises emanating from financial markets, and for understanding how financial disturbances may have real economic effects. Keynes's insights into the potential limitations of using monetary policy to deal with periods of crisis and how these limitations may be addressed are also shown to be relevant to the recent global financial crisis. The paper also argues that the General Theory has insights to offer on the use of Taylor rules and on the possibility of addressing persistent unemployment. © 2011 Taylor and Francis Group, LLC.	en_US
dc.relation.ispartof	Review of Political Economy	en_US
dc.relation.isbasedon	10.1080/09538259.2011.611617	en_US
dc.subject.classification	Economics	en_US
dc.title	Keynes's Analysis of Economic Crises and Monetary Policy in the General Theory: Its Relevance after 75 Years	en_US
dc.type	Journal Article
utslib.citation.volume	4	en_US
utslib.citation.volume	23	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	1401 Economic Theory	en_US
utslib.for	1606 Political Science	en_US
dc.location.activity	Shanghai, China
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	closed_access
pubs.issue	4	en_US
pubs.publication-status	Published	en_US
pubs.volume	23	en_US

Abstract:

This paper argues that Keynes's treatment of economic fluctuations and monetary policy in the General Theory is still relevant after 75 years. His treatment of severe economic crises provides considerable insight into the possibility of crises emanating from financial markets, and for understanding how financial disturbances may have real economic effects. Keynes's insights into the potential limitations of using monetary policy to deal with periods of crisis and how these limitations may be addressed are also shown to be relevant to the recent global financial crisis. The paper also argues that the General Theory has insights to offer on the use of Taylor rules and on the possibility of addressing persistent unemployment. © 2011 Taylor and Francis Group, LLC.

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http://hdl.handle.net/10453/17349