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Krugman on the liquidity trap: why inflation won't bring recovery in Japan

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  • J. A. Kregel

    (UNCTAD)

Abstract

Mainstream authors rediscovered Keynes' liquidity trap as an axplanation of the deflationary slump that has plagued the Japanese economy in the 1990s. However, they give analytical support to the concept in terms of the quantity theory and time preference, theories that Keynes rejected. This paper attempts a rigorous formulation of the liquidity trap, shows how it differs from the recent mainstrean reconstruction by Paul Krugman and draws the consequences of this difference for policy prescriptions for the Japanese economy.

Suggested Citation

  • J. A. Kregel, 2000. "Krugman on the liquidity trap: why inflation won't bring recovery in Japan," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 1(1), pages 39-58, January-J.
    • Handle: RePEc:anp:econom:v:1:y:2000:i:1:p:39-58
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    1. Nominal Prices and Output Gaps
      by rsj in windyanabasis on 2011-06-08 09:20:02

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    Cited by:

    1. Jorg Bibow, 2004. "Fiscal Consolidation: Contrasting Strategies & Lessons From International Experiences," Economics Working Paper Archive wp_400, Levy Economics Institute.
    2. 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.
    3. Peter Spahn, 2007. "Real Interest Rates, Intertemporal Prices and Macroeconomic Stabilization A Journey Through the History of Economic Thought," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 292/2007, Department of Economics, University of Hohenheim, Germany.

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