This chapter explores Keynes’s monetary thought with a focus on financial instability and crises. Keynes’s early monetary work, Indian Currency and Finance (1913), shows his keen concerns for financial instabilities and his appreciation of central banks’ lender-of-last-resort role. In his...

The paper investigates Champernowne's 1936 attempt to sort out the debate between Pigou (The theory of unemployment. Macmillan, London, 1933) and Keynes (The general theory of employment, interest and money. Macmillan, London, 1936) about employment determination. Champernowne agreed with Keynes...

This chapter uses the Great Depression as a case study to investigate Keynes' and Friedman's respective appraisals of this severe episode. We analyse first Friedman's explanation of the Great Depression as phenomenon driven by monetary mismatches. We show that the late Friedman eventually put at...