John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and …

In one of the most famous passages of economic literature, John Maynard Keynes (1936, p.156) likens the stock market to … equilibrium at which every player chooses zero, and every player wins. Keynes’ metaphor, on the other hand, referred to a …

Keynes implicitly used the concept of duration to analyze the impacts of expected changes in the price of a perpetual … bond and coupon payments that led to his “square rule.” Keynes's result (“square rule”), derived from the breakeven … investor's portfolio, constrained to money and consols. Keynes's world is not one of yield, but one of total return, where …