Reading a target zone in Keynes's 'Indian Currency and Finance.' (John Maynard Keynes)

Article Abstract:

A discussion of John Maynard Keynes' study of the Indian monetary system as found in his book entitled 'Indian Currency and Finance' is presented. The period under study are the years between 1893 and 1913 when India adopted a narrow band within which its exchange rate would move and a more flexible range for its interest rates and their differentials. This operation of this mechanism suggested the existence of a negative autocorrelation between exchange rate and interest rate policies.

Analysis, India, Monetary policy, Keynes, John Maynard, Gold standard

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Keynes, The Keynesians and the classics: a suggested interpretation

Article Abstract:

Two interpretations of Keynes's General Theory pervade economic discussion. The mainstream rigidity imperfectionist approach assumes macroeconomic variables deter price structures from reaching Walrasian equilibrium. Post-Keynesian supporters deviate from this approach and consider Keynes as a revolutionary departure from traditional economics. A third view seeks to transcend differences between the two dominant approaches by assuming market functions of the multiplier process.

Economics, Keynesian economics

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Precautionary saving and portfolio allocation:DP by GMM

Article Abstract:

A study is conducted into precautionary saving and portfolio allocation. A semi-parametric projection method for solving dynamic programmes (DPs) by the generalised method of movements (GMM) is adopted. It is seen that background income risk is an influence on optimal portfolios.

Models, Portfolio management, Savings, Observations, Dynamic programming

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