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The Wicksell Connection, The Quantity Theory and Keynes

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Author Info

  • Laidler, D.

Abstract

In the business cycle literature of the inter-war years, the role of the interest rate in coordinating, or failing to co-ordinate, agents' choices about the allocation of resources over time was an important theme, to which Axel Leijonhufvud (1981) gave the name "the Wicksell connection". The theme takes on particular importance in an economy in which such co-ordination failure produces output fluctuations, because it may involve a fundamental inability on the part of market mechanisms to induce the price responses needed to restore full employment once the economy is moved away from it.

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Bibliographic Info

Paper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 9708.

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Length: 32 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:uwo:uwowop:9708

Contact details of provider:
Postal: Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2
Phone: 519-661-2111 Ext.85244
Web page: http://economics.uwo.ca/research/research_papers/department_working_papers.html

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Keywords: BUSINESS CYCLES; INTEREST RATE;

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Cited by:
  1. Siven, Claes-Henric, 2000. "Analytical Foundations of Erik Lindahl's Monetary Analysis, 1924-30," Research Papers in Economics 2000:14, Stockholm University, Department of Economics.

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