Keynes and the Keynesians on the Fisher Effect

Allin Cottrell

Scottish Journal of Political Economy, 1994, vol. 41, issue 4, 416-33

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.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:bla:scotjp:v:41:y:1994:i:4:p:416-33

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Scottish Journal of Political Economy is currently edited by Tim Barmby, Andrew Hughes-Hallett and Campbell Leith

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