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Couvrez ce sein que je ne saurais voir : liquidity trap in theory and history - Paradox, impasse and revival

Author

Listed:
  • Antoine Parent

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po, LAET - Laboratoire Aménagement Économie Transports - UL2 - Université Lumière - Lyon 2 - ENTPE - École Nationale des Travaux Publics de l'État - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper proposes a methodological and epistemic analysis of the theory and practice of liquidity trap in contemporary economics and economic history. A unified theory of liquidity trap has yet to be established. Liquidity trap is defined in two ways in the literature: a zero interest rate, which has generated the recent zero lower bound literature and the original definition by Keynes (1936) of the absolute liquidity trap which refers, not necessarily to a zero interest rate, but to an episode in which the liquidity preference is infinitely elastic to the (possibly low) interest rate. The polysemic nature of this notion is a source of richness and ambiguity. The epistemological and methodological motivation for the paper is to propose new theoretical insights drawn from a macro-dynamic perspective into the liquidity trap issues raised in economic history and contemporary economics.

Suggested Citation

  • Antoine Parent, 2019. "Couvrez ce sein que je ne saurais voir : liquidity trap in theory and history - Paradox, impasse and revival," Post-Print hal-03403285, HAL.
    • Handle: RePEc:hal:journl:hal-03403285
    DOI: 10.19272/201906103002
    as

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