Knut Wicksell and the Closure of his System: Critique and Reconstruction of the Cumulative Process

M. L. Burstein

Chapter 5 in Studies in Banking Theory, Financial History and Vertical Control, 1988, pp 48-62 from Palgrave Macmillan

Abstract: Abstract Wicksell’s ingenious conception of a cumulative process incident to a rift between natural and market rates of interest has led to the malignant doctrine that central-bank action fundamentally determines the real cost of capital.2

Keywords: Inflation Rate; Real Interest Rate; Public Debt; Natural Rate; Monetary Authority (search for similar items in EconPapers)
Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09978-8_5

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DOI: 10.1007/978-1-349-09978-8_5

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