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.
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- 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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- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
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- Mauro Boianovsky & Hans-Michael Trautwein, 2001. "Wicksell, Cassel and the Idea of Involuntary Unemployment," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 015, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- Peter Howitt, 1988. "Business Cycles With Costly Search and Recruiting," The Quarterly Journal of Economics, Oxford University Press, vol. 103(1), pages 147-165.
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