Keynes's Liquidity Trap in Retrospect

Hukukane Nikaido

The Japanese Economic Review, 1998, vol. 49, issue 1, 77-84

Abstract: This brief note shows that the conventional view of the liquidity‐preference schedule involving a liquidity trap is not only in discordance with Keynes's own view, but also conceptually ill‐founded. I propose an alternative view, which is more in concordance with Keynes's view, and on the basis of which a liquidity‐preference schedule generating a liquidity trap can be contrived. JEL Classification Numbers: E12, E41, B22

Date: 1998
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