He argued that during a depression, monetary policy (adjusting interest rates) might be ineffective if investors are
Kurihara’s solution is a mix of (within narrow bands) and international policy coordination . He is skeptical of pure floating rates, fearing destabilizing speculation, but he also sees the rigidity of fixed rates as a trap that subordinates domestic full employment to external balance. This balanced view anticipated the eventual move to managed floating after 1973.
First released in the 1950s, with subsequent revised editions, the book is structured to answer one central question: How can society use monetary mechanisms to achieve full employment, price stability, and economic growth without sacrificing freedom?
He argued that during a depression, monetary policy (adjusting interest rates) might be ineffective if investors are
Kurihara’s solution is a mix of (within narrow bands) and international policy coordination . He is skeptical of pure floating rates, fearing destabilizing speculation, but he also sees the rigidity of fixed rates as a trap that subordinates domestic full employment to external balance. This balanced view anticipated the eventual move to managed floating after 1973. Monetary Theory And Public Policy Kenneth Kurihara.pdf
First released in the 1950s, with subsequent revised editions, the book is structured to answer one central question: How can society use monetary mechanisms to achieve full employment, price stability, and economic growth without sacrificing freedom? He argued that during a depression, monetary policy
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