The Robertson connection between the natural rates of interest and unemployment
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.
References listed on IDEAS
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- Benhabib, Jess & Schmitt-Grohé, Stephanie & Uribe, Martín, 2001.
"Avoiding Liquidity Traps,"
CEPR Discussion Papers
2948, C.E.P.R. Discussion Papers.
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015, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
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"The Principles of Economics,"
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McMaster University Archive for the History of Economic Thought, number marshall1890.
- repec:cup:cbooks:9780521645966 is not listed on IDEAS
- 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.
- 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.
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- repec:cup:cbooks:9780521641739 is not listed on IDEAS
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