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The Robertson connection between the natural rates of interest and unemployment

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Author Info

  • Boianovsky, Mauro
  • Presley, John R.

Abstract

The paper explores the connection between the natural rates of unemployment and interest first put forward in the literature by Dennis Robertson in the 1930s. This looks at monetary dynamics in the business cycle and assesses the Robertsonian contribution to developments in macroeconomics before and after Keynes's General Theory. Robertson showed how unanticipated price level changes affect supply and demand in the labour market, as well as the saving-investment process in the credit market. Robertson's approach to economic policy was that of getting the relations right between cyclical changes in prices, output and employment and their long-run equilibrium values over time.

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Bibliographic Info

Article provided by Elsevier in its journal Structural Change and Economic Dynamics.

Volume (Year): 20 (2009)
Issue (Month): 2 (June)
Pages: 136-150

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Handle: RePEc:eee:streco:v:20:y:2009:i:2:p:136-150

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Web page: http://www.elsevier.com/locate/inca/525148

Related research

Keywords: Dennis Robertson Natural rate of unemployment Forced savings Natural rate of interest Inflation acceleration;

References

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  1. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
  2. Mauro Boianovsky, 2004. "The IS-LM Model and the Liquidity Trap Concept: From Hicks to Krugman," History of Political Economy, Duke University Press, vol. 36(5), pages 92-126, Supplemen.
  3. Robert Mundell, 1963. "Inflation and Real Interest," Journal of Political Economy, University of Chicago Press, vol. 71, pages 280.
  4. Kohn, Meir, 1981. "A Loanable Funds Theory of Unemployment and Monetary Disequilibrium," American Economic Review, American Economic Association, vol. 71(5), pages 859-79, December.
  5. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834.
  6. Mauro Boianovsky, 2005. "Some Cambridge reactions to The General Theory: David Champernowne and Joan Robinson on full employment," Cambridge Journal of Economics, Oxford University Press, vol. 29(1), pages 73-98, January.
  7. Jess Benhabib & Stephanie Schmitt-Grohe & Martin Uribe, 2002. "Avoiding Liquidity Traps," Journal of Political Economy, University of Chicago Press, vol. 110(3), pages 535-563, June.
  8. J. R. Presley & J. G. Sessions, 1997. "Real Business Cycles: sectoral versus aggregate shocks and the elasticity of demand for income in terms of work effort," Review of Political Economy, Taylor & Francis Journals, vol. 9(4), pages 479-483.
  9. Mauro Boianovsky & Hans-Michael Trautwein, 2003. "Wicksell, Cassel, and the Idea of Involuntary Unemployment," History of Political Economy, Duke University Press, vol. 35(3), pages 385-436, Fall.
  10. Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number marshall1890.
  11. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966, October.
  12. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
  13. Howitt, Peter, 1988. "Business Cycles with Costly Search and Recruiting," The Quarterly Journal of Economics, MIT Press, vol. 103(1), pages 147-65, February.
  14. Wilson, Thomas, 1980. "Robertson, Money, and Monetarism," Journal of Economic Literature, American Economic Association, vol. 18(4), pages 1522-38, December.
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Cited by:
  1. Marinela, Simuţ Ramona & Lavinia, Delcea (Săutiuţ), 2012. "Challenges for Romania’s employment policy in the Real Economy," MPRA Paper 40369, University Library of Munich, Germany.
  2. Kovács Ildikó & Marton Noémi & Patka Kinga & Páll Katalin, 2010. "The Determinats Of The Unemployment Rate - Empirical Evidence From Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 277-282, December.

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