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An analysis of some of the issues raised in the liquidity-preference loanable funds interest rate controversy

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  • Nadler, Mark Alan

Abstract

From its very first publication in the General Theory, Keynes' liquidity-preference theory of interest has been the subject of debate between those economic scholars who view the determination of the interest rate as depending on the demand and supply of "finance" and those who think of the rate of interest as depending on the demand and supply of money. This dissertation, besides reviewing some of the highlights of this interest rate controversy, attempts to address and settle some of the issues that were raised in the course of this historical disagreement.

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  • Nadler, Mark Alan, 1983. "An analysis of some of the issues raised in the liquidity-preference loanable funds interest rate controversy," ISU General Staff Papers 198301010800009946, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genstf:198301010800009946
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    1. Tobin, James, 1982. "Money and Finance in the Macroeconomic Process," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(2), pages 171-204, May.
    2. Paul A. Samuelson, 1963. "D. H. Robertson (1890–1963)," The Quarterly Journal of Economics, Oxford University Press, vol. 77(4), pages 517-536.
    3. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
    4. Kohn, Meir, 1981. "A Loanable Funds Theory of Unemployment and Monetary Disequilibrium," American Economic Review, American Economic Association, vol. 71(5), pages 859-879, December.
    5. Cliff L. Lloyd, 1960. "The Equivalence of the Liquidity Preference and Loanable Funds Theories and the New Stock-Flow Analysis," Review of Economic Studies, Oxford University Press, vol. 27(3), pages 206-209.
    6. Paul Davidson, 1965. "Keynes'S Finance Motive," Oxford Economic Papers, Oxford University Press, vol. 17(1), pages 47-65.
    7. Dennis H. Robertson, 1936. "Some Notes on Mr. Keynes' General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(1), pages 168-191.
    8. Meltzer, Allan H, 1981. "Keynes's General Theory: A Different Perspective," Journal of Economic Literature, American Economic Association, vol. 19(1), pages 34-64, March.
    9. S. C. Tsiang, 1980. "Keynes's "Finance" Demand for Liquidity, Robertson's Loanable Funds Theory, and Friedman's Monetarism," The Quarterly Journal of Economics, Oxford University Press, vol. 94(3), pages 467-491.
    10. Jacob Viner, 1936. "Mr. Keynes on the Causes of Unemployment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(1), pages 147-167.
    11. Hugh Rose, 1957. "Liquidity Preference and Loanable Funds," Review of Economic Studies, Oxford University Press, vol. 24(2), pages 111-119.
    12. Lucas, Robert E, Jr, 1980. "Equilibrium in a Pure Currency Economy," Economic Inquiry, Western Economic Association International, vol. 18(2), pages 203-220, April.
    13. Kohn, Meir, 1981. "In Defense of the Finance Constraint," Economic Inquiry, Western Economic Association International, vol. 19(2), pages 177-195, April.
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