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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References listed on IDEAS
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- Wilson, Thomas, 1980. "Robertson, Money, and Monetarism," Journal of Economic Literature, American Economic Association, vol. 18(4), pages 1522-38, December.
- Jess Benhabib & Stephanie Schmitt-Grohe & Martin Uribe, 2002.
"Avoiding Liquidity Traps,"
Journal of Political Economy,
University of Chicago Press, vol. 110(3), pages 535-563, June.
- Jess Benhabib & Stephanie Schmitt-Grohe & Martin Uribe, 2000. "Avoiding Liquidity Traps," Departmental Working Papers 199925, Rutgers University, Department of Economics.
- Benhabib, Jess & Schmitt-Grohé, Stephanie & Uribe, Martín, 2001. "Avoiding Liquidity Traps," CEPR Discussion Papers 2948, C.E.P.R. Discussion Papers.
- 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.
- 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.
- Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, June.
- Marshall, Alfred, 1890.
"The Principles of Economics,"
History of Economic Thought Books,
McMaster University Archive for the History of Economic Thought, number marshall1890.
- 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.
- 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].
- 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.
- repec:cup:cbooks:9780521641739 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.
- Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
- Howitt, Peter, 1988. "Business Cycles with Costly Search and Recruiting," The Quarterly Journal of Economics, MIT Press, vol. 103(1), pages 147-65, February.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- 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.
- repec:cup:cbooks:9780521645966 is not listed on IDEAS
- Robert Mundell, 1963. "Inflation and Real Interest," Journal of Political Economy, University of Chicago Press, vol. 71, pages 280.
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