<Dl> <Dd>--John Maynard Keynes, The General Theory of Employment, Interest and Money p11 <P> </P> </Dd> </Dl> <Dd>--John Maynard Keynes, The General Theory of Employment, Interest and Money p11 <P> </P> </Dd> <P> Inflation is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency . </P> <P> Since inflation lowers real wages, Keynesians view inflation as the solution to involuntary unemployment . However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected . Thus, Keynesian monetary policy aims for a steady rate of inflation . A publication from the Austrian School, The Case Against the Fed, argues that the efforts of the central banks to control inflation have been counterproductive . </P>

How does the central bank control the commercial banks