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Krugman on the Liquidity Trap: Why Inflation Won't Bring Recovery in Japan

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Author Info
Jan A. Kregel (Jerome Levy Econ Inst & Univ of Bologna)

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Abstract

Paul Krugman has argued that Japan is in a liquidity trap and that it can recover only if the central bank there follows a policy of "credible inflation." This paper argues that Krugman's proposal, which is similar to what Fisher proposed during the Depression, is based on a different interpretation of the liquidity trap from that proposed by Keynes and as a result his policy recommendations can result in neither the elimination of the trap nor in Japan's economic recovery.

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File URL: http://129.3.20.41/eps/mac/papers/0004/0004045.pdf
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Paper provided by EconWPA in its series Macroeconomics with number 0004045.

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Length: 19 pages
Date of creation: 23 Oct 2000
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Handle: RePEc:wpa:wuwpma:0004045

Note: Type of Document - Adobe Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 19; figures: included
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Web page: http://129.3.20.41

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E - Macroeconomics and Monetary Economics

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  1. Jšrg Bibow, 2004. "Fiscal Consolidation: Contrasting Strategies & Lessons From International Experiences," Economics Working Paper Archive 400, Levy Economics Institute, The. [Downloadable!]
  2. Joerg Bibow, 2004. "Fiscal Consolidation Contrasting Strategies & Lessons from International Experience," Macroeconomics 0402014, EconWPA. [Downloadable!]
  3. 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!]
  4. 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!]
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