View source for Finance:A Tract on Monetary Reform

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'''''A Tract on Monetary Reform''''' is a book by [[Biography:John Maynard Keynes|John Maynard Keynes]], published in 1923. Keynes presented an argument in favour of a policy that would try to stabilize the domestic price level. He argued that the Bank of England had the policy tools available to provide a semblance of price stability through its stance on interest rates and its capacity to manage the reserves of the banking sector. Keynes [[Finance:Purchasing power parity#Exchange rate prediction|believed]] that domestic price stability was accompanied by exchange rate flexibility. After years of experience, he did not favour floating exchange rates and proposed what is today called a [[Finance:Crawling peg|crawling peg]].<ref>{{cite book |last1=Moggridge |first1=D. E. |title=Maynard Keynes : an economist's biography |date=1992 |publisher=Routledge |location=London |isbn=0-415-12711-4 |page=415}}</ref>

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