Steering the Economy: The Art of Central Banking (Book VI: Management) - E6
Автор: Gustavo Gesualdo
Загружено: 2025-12-21
Просмотров: 21
Описание:
In Episode 6, we move from the "how it works" to the "how to fix it." In Book VI: The Management of Money, John Maynard Keynes lays out the blueprints for modern monetary policy.
Key topics in this episode:
The Bank Rate vs. The Natural Rate: The Central Bank's primary mission—aligning the cost of borrowing with the needs of investment.
Internal vs. External Stability: The classic dilemma—should a country prioritize its exchange rate (Gold Standard) or its domestic employment?.
Open Market Operations: How Central Banks use the bond market to control the "oxygen" of the economy: bank reserves.
Keynes argues that a passive central bank is a recipe for disaster. This episode reveals his vision of a managed monetary system designed to prevent the booms and slumps we've discussed so far.
Next in Episode 7: We take the theory global in Book VII: The Management of Money (International), discussing the Gold Standard and the precursor to the IMF.
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