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Keynes and the Keynesians on the Fisher Effect

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  • Cottrell, Allin

Abstract

This paper examines the treatment of the Fisher effect in Keynes's General Theory and in various Keynesian and post-Keynesian writings. It is argued that Keynes was not entirely fair to Irving Fisher but, nonetheless, that the General Theory provides the basis for a critique of Fisher's argument. Models due to R. A. Mundell and T. Sargent are analyzed, clarified, and used to identify the basis for a Keynesian rationalization of a lagged and partial Fisher effect--a rationalization superior to Fisher's own, which ran in terms of long lags in expectations formation. Post-Keynesian contributions stemming from R. Harrod are examined and criticized on the grounds of their incompleteness. Copyright 1994 by Scottish Economic Society.

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  • Cottrell, Allin, 1994. "Keynes and the Keynesians on the Fisher Effect," Scottish Journal of Political Economy, Scottish Economic Society, vol. 41(4), pages 416-433, November.
    • Handle: RePEc:bla:scotjp:v:41:y:1994:i:4:p:416-33
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    Cited by:

    1. Eric Tymoigne, 2006. "Fisher's Theory of Interest Rates and the Notion of Real: A Critique," Economics Working Paper Archive wp_483, Levy Economics Institute.
    2. L. Wray, 2007. "A Post Keynesian view of central bank independence, policy targets, and the rules versus discretion debate," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 30(1), pages 119-141.
    3. Levrero, Enrico Sergio & Deleidi, Matteo, 2019. "The causal relationship between short- and long-term interest rates: an empirical assessment of the United States," MPRA Paper 93608, University Library of Munich, Germany.

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