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Krugman on the Liquidity Trap: Why Inflation Won't Bring Recovery In Japan

Jan Kregel

Economics Working Paper Archive from Levy Economics Institute

Abstract: Paul Krugman has argued that Japan is in a liquidity trap and that it can recover only if the central bank there follows a policy of "credible inflation." This paper argues that Krugman's proposal, which is similar to what Fisher proposed during the depression, is based on a different interpretation of the liquidity trap from that proposed by Keynes and as a result his policy recommendations can result in neither the elimination of the trap nor in Japan's economic recovery.

Date: 2000-03
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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http://www.levyinstitute.org/pubs/wp298.pdf (application/pdf)

Related works:
Journal Article: Krugman on the liquidity trap: why inflation won't bring recovery in Japan (2000)
Working Paper: Krugman on the Liquidity Trap: Why Inflation Won't Bring Recovery in Japan (2000) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:lev:wrkpap:wp_298

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