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Price expectations, capital accumulation and employment: Lindahl's macroeconomics from the 1920s to the 1950s

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  • Mauro Boianovsky
  • Hans-Michael Trautwein

Abstract

Erik Lindahl's approach to macroeconomics focused on the non-neutrality of monetary policy (in the short and the long run) and on the denial of the existence of natural rates of interest and unemployment. From the 1920s until his death in 1960, Lindahl advocated the use of norms for monetary policy to fight inflation and deflation precisely because he would not rely on the market system's return to natural rates. Making use of hitherto unexplored material, this paper analyses the development of Lindahl's thinking about price level changes, investment and employment from the 1920s to the 1950s. Copyright 2006, Oxford University Press.

Suggested Citation

  • Mauro Boianovsky & Hans-Michael Trautwein, 2006. "Price expectations, capital accumulation and employment: Lindahl's macroeconomics from the 1920s to the 1950s," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 30(6), pages 881-900, November.
    • Handle: RePEc:oup:cambje:v:30:y:2006:i:6:p:881-900
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    File URL: http://hdl.handle.net/10.1093/cje/bej003
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    Cited by:

    1. Ronny Mazzocchi, 2013. "Investment-Saving Imbalances with Endogenous Capital Stock," DEM Discussion Papers 2013/14, Department of Economics and Management.
    2. Kai D. Schmid, 2010. "Medium-run macrodynamics and the consensus view of stabilization policy," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 322/2010, Department of Economics, University of Hohenheim, Germany.
    3. Sylvie Rivot, 2015. "Rule-based frameworks in historical perspective: Keynes' and Friedman's monetary policies versus contemporary policy-rules," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(4), pages 601-633, August.
    4. Roberto Tamborini, 2010. "The Macroeconomics of Imperfect Capital Markets: Whither Saving-Investment Imbalances?," Contributions to Economics, in: Giorgio Calcagnini & Enrico Saltari (ed.), The Economics of Imperfect Markets, chapter 0, pages 137-166, Springer.
    5. André K. Anundsen & Tord S. Krogh & Ragnar Nymoen & Jon Vislie, 2014. "Overdeterminacy and Endogenous Cycles: Trygve Haavelmo's Business Cycle Model," Metroeconomica, Wiley Blackwell, vol. 65(3), pages 460-486, July.
    6. Alexander Tobon & Nicolas Barbaroux, 2015. "Credit and Prices in Woodford's New Neoclassical Synthesis," Economic Thought, World Economics Association, vol. 4(1), pages 21-46, March.
    7. Boianovsky, Mauro & Presley, John R., 2009. "The Robertson connection between the natural rates of interest and unemployment," Structural Change and Economic Dynamics, Elsevier, vol. 20(2), pages 136-150, June.

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