''A Tract on Monetary Reform'' is a book by

John Maynard Keynes John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in ...

, published in 1923. Keynes presented an argument in favor of a policy that would try to stabilize the domestic price level. He argued that the Bank of England had the policy tools available to provide a semblance of price stability through its stance on interest rates and its capacity to manage the reserves of the banking sector. Keynes believed that domestic price stability was accompanied by exchange rate flexibility. After years of experience, he did not favor floating exchange rates and proposed what is today called a crawling peg.

Reference

{{DEFAULTSORT:Tract on Monetary Reform 1923 non-fiction books Keynesian economics Books by John Maynard Keynes