Keynes and the Keynesians on the Fisher Effect
AbstractThis paper examines the treatment of the Fisher effect in Keynes's General Theory and in various Keynesian and post-Keynesian writings. It is argued that Keynes was not entirely fair to Irving Fisher but, nonetheless, that the General Theory provides the basis for a critique of Fisher's argument. Models due to R. A. Mundell and T. Sargent are analyzed, clarified, and used to identify the basis for a Keynesian rationalization of a lagged and partial Fisher effect--a rationalization superior to Fisher's own, which ran in terms of long lags in expectations formation. Post-Keynesian contributions stemming from R. Harrod are examined and criticized on the grounds of their incompleteness. Copyright 1994 by Scottish Economic Society.
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Bibliographic InfoArticle provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.
Volume (Year): 41 (1994)
Issue (Month): 4 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292
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- L. Randall Wray, 2007.
"A Post-Keynesian View of Central Bank Independence, Policy Targets, and the Rules-versus-Discretion Debate,"
Economics Working Paper Archive
wp_510, Levy Economics Institute, The.
- L. Randall Wray, 2007. "A Post Keynesian view of central bank independence, policy targets, and the rules versus discretion debate," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(1), pages 119-141, October.
- Eric Tymoigne, 2006. "Fisher's Theory of Interest Rates and the Notion of Real: A Critique," Economics Working Paper Archive wp_483, Levy Economics Institute, The.
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