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Krugman on the liquidity trap: why inflation won't bring recovery in Japan

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Author Info
J. A. Kregel (UNCTAD)

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Abstract

Mainstream authors rediscovered Keynes' liquidity trap as an axplanation of the deflationary slump that has plagued the Japanese economy in the 1990s. However, they give analytical support to the concept in terms of the quantity theory and time preference, theories that Keynes rejected. This paper attempts a rigorous formulation of the liquidity trap, shows how it differs from the recent mainstrean reconstruction by Paul Krugman and draws the consequences of this difference for policy prescriptions for the Japanese economy.

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Publisher Info
Article provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its journal Economia.

Volume (Year): 1 (2000)
Issue (Month): 1 (January-June)
Pages: 39-58
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Handle: RePEc:anp:econom:v:1:y:2000:i:1:p:39-58

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Keywords: Liquidity Preference Liquidity Trap Interest Rates Bond Prices Japanese Economy

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)
  1. Peter Spahn, 2007. "Real Interest Rates, Intertemporal Prices and Macroeconomic Stabilization A Journey Through the History of Economic Thought," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 292/2007, Department of Economics, University of Hohenheim, Germany. [Downloadable!]
  2. Mauro Boianovsky, 2003. "The IS-LM Model and the Liquidity Trap Concept: from Hicks to Krugman," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] a13, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  3. Joerg Bibow, 2004. "Fiscal Consolidation Contrasting Strategies & Lessons from International Experience," Macroeconomics 0402014, EconWPA. [Downloadable!]
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