Steering the Economy: The Art of Central Banking (Book VI: Management) - E6 скачать в хорошем качестве

Steering the Economy: The Art of Central Banking (Book VI: Management) - E6

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.