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 & 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].
- 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.
- Jess Benhabib & Stephanie Schmitt-Grohe & Martin Uribe, 2000.
"Avoiding Liquidity Traps,"
Departmental Working Papers
199925, Rutgers University, Department of Economics.
- Benhabib, J. & Schmitt-Grohe, S. & Uribe, M., 1999. "Avoiding Liquidity Traps," Working Papers 99-21, C.V. Starr Center for Applied Economics, New York University.
- Benhabib, Jess & Schmitt-Grohé, Stephanie & Uribe, Martín, 2001. "Avoiding Liquidity Traps," CEPR Discussion Papers 2948, C.E.P.R. Discussion Papers.
- 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.
- Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
- Marshall, Alfred, 1890.
"The Principles of Economics,"
History of Economic Thought Books,
McMaster University Archive for the History of Economic Thought, number marshall1890.
- Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
- 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.
- Laidler,David, 1999.
"Fabricating the Keynesian Revolution,"
Cambridge University Press, number 9780521645966, November.
- Wilson, Thomas, 1980. "Robertson, Money, and Monetarism," Journal of Economic Literature, American Economic Association, vol. 18(4), pages 1522-38, December.
- Peter Howitt, 1988. "Business Cycles With Costly Search and Recruiting," The Quarterly Journal of Economics, Oxford University Press, vol. 103(1), pages 147-165.
- 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.
- Robert Mundell, 1963. "Inflation and Real Interest," Journal of Political Economy, University of Chicago Press, vol. 71, pages 280.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- 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.
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