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1941•The Quarterly Journal of EconomicsRequires access

Monetary Policy and the Theory of Interest

Harold M. Somers

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Abstract

Situation before the publication of Keynes' General Theory, 488.— New controversial issues, 488.— I. Rates of return on economic resources: securities, 490; cash, 492; production, 493; consumption, 494.— Nature of the rates of return, 495.—II. Fundamentals of economic behavior: individuals, 496; firms, 496; banks, 497; governments, 498.— Significance of an arbitrary monetary policy, 498.— III. The theory of interest: the marginal productivity theory, 500; the time-preference theory, 501; the liquidity-preference theory, 503; the loanable-funds theory, 505. — Validity of the theories of interest, 506.

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What this paper is about

Situation before the publication of Keynes' General Theory, 488.— New controversial issues, 488.— I. Rates of return on economic resources: securities, 490; cash, 492; production, 493; consumption, 494.— Nature of the rates of return, 495.—II. Fundamentals of economic behavior: individuals, 496; firms, 496; banks, 497; governments, 498.— Significance of an arbitrary monetary policy, 498.— III. The theory of interest: the marginal productivity theory, 500; the time-preference theory, 501; the liquidity-preference theory, 503; the loanable-funds theory, 505. — Validity of the theories of interest, 506.

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Available abstract

Situation before the publication of Keynes' General Theory, 488.— New controversial issues, 488.— I. Rates of return on economic resources: securities, 490; cash, 492; production, 493; consumption, 494.— Nature of the rates of return, 495.—II. Fundamentals of economic behavior: individuals, 496; firms, 496; banks, 497; governments, 498.— Significance of an arbitrary monetary policy, 498.— III. The theory of interest: the marginal productivity theory, 500; the time-preference theory, 501; the liquidity-preference theory, 503; the loanable-funds theory, 505. — Validity of the theories of interest, 506.

Key concepts: Loanable funds, Liquidity preference, Economics, Monetary theory, Interest rate, Consumption (sociology), Time preference, Productivity

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