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Cambridge Journal of Economics Advance Access published online on February 17, 2006
Cambridge Journal of Economics, doi:10.1093/cje/bej003
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© The Author 2006. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.
Received January 10, 2005
Revised August 5, 2005

Article

Price expectations, capital accumulation and employment: Lindahl's macroeconomics from the 1920s to the 1950s

Mauro Boianovsky 1 * and Hans-Michael Trautwein 2

1 Universidade de Brasilia
2 Carl von Ossietzky Universität Oldenburg

* To whom correspondence should be addressed.
Mauro Boianovsky, E-mail: bioanovs{at}unb.br


  Abstract

Erik Lindahl's approach to macroeconomics focused on the non-neutrality of monetary policy (in the short and the long run) and on the denial of the existence of natural rates of interest and unemployment. From the 1920s until his death in 1960, Lindahl advocated the use of norms for monetary policy to fight inflation and deflation precisely because he would not rely on the market system's return to natural rates. Making use of hitherto unexplored material, this paper analyses the development of Lindahl's thinking about price level changes, investment and employment from the 1920s to the 1950s.

Keywords: Monetary policy rules; Non-neutrality of money; Inflation acceleration.
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