Chronische Unterbeschäftigung bei flexiblen Löhnen und Preisen? Einige kritische Bemerkungen zur theoretischen Relevanz des Pigou-Effekts

Pigou has demostrated that in a Keynesian world with flexible wages a position of full employment equilibrium always exists. But if Irving Fisher's distinction between real and monetary interest rates is introduced into Pigou's formal model, dynamic forces may prevent the attainment of tha...

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Bibliographic Details
Published in:Zeitschrift für die gesamte Staatswissenschaft 1982-12, Vol.138 (4), p.695-710
Main Author: Neldner, Manfred
Format: Article
Language:ger
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Summary:Pigou has demostrated that in a Keynesian world with flexible wages a position of full employment equilibrium always exists. But if Irving Fisher's distinction between real and monetary interest rates is introduced into Pigou's formal model, dynamic forces may prevent the attainment of that position: During periods of unemployment accompanied by deflation the expectation of falling prices pushes the real rate of interest upwards, causing savings to rise and investment to fall. A strong price expectations-effect thus may outdo the Pigoueffect proper, letting unemployment grow even further. This holds no matter whether expectations are formed adaptive or rational.
ISSN:0044-2550