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Control Number309478
Date and Time of Latest Transaction20150706093807.AM
General Information150706s |||||||||b ||00|||
Cataloging SourceSTII-DOST
Local Call NumberOpensource
Main Entry - Personal NamePalley, Thomas I.
Title StatementKeynesian models of deflation and depression revisited by Thomas I. Palley
Physical Descriptionpages 167-177 computer file; text; 295kb
Summary, Etc.This paper extends Tobin’s [Tobin, J., 1975. Keynesian models of recession and depression. American Economic Review 65, 195–202] Keynesian analysis of deflation to include a range of additional channels through which deflation exacerbates Keynesian unemployment. The paper provides further theoretical reasons why downward price level adjustment may not solve the Keynesian problem. These arguments challenge the received wisdom that Keynes’ General Theory is a special case resting on downwardly rigid prices and nominal wages. This conventional wisdom has led many economists to recommend policies promoting downward flexibility. These policies have created an environment in which deflation is more likely, giving new relevance to Keynesian analysis of deflation.04 So
Subject Added Entry - Topical Termal sciences04Li
 idity trap04Fi
 er debt effect04Pr
 e flexibility DO
LocationSTII Opensource NONPRINTS NP 13-14623 1 13-14623 Online/Download 2010-11-10 NO
  
     
 
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Department of Science and Technology
Science and Technology Information InstituteOpensource
  
     
 
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