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Keynes's Liquidity Trap in Retrospect

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  • Hukukane Nikaido

Abstract

This brief note shows that the conventional view of the liquidity‐preference schedule involving a liquidity trap is not only in discordance with Keynes's own view, but also conceptually ill‐founded. I propose an alternative view, which is more in concordance with Keynes's view, and on the basis of which a liquidity‐preference schedule generating a liquidity trap can be contrived. JEL Classification Numbers: E12, E41, B22

Suggested Citation

  • Hukukane Nikaido, 1998. "Keynes's Liquidity Trap in Retrospect," The Japanese Economic Review, Japanese Economic Association, vol. 49(1), pages 77-84, March.
    • Handle: RePEc:bla:jecrev:v:49:y:1998:i:1:p:77-84
    DOI: 10.1111/1468-5876.00072
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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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