Darby, Michael R.; Lothian, James R. - National Bureau of Economic Research (NBER) - 1986
Keynes' General Th&ry was a brilliant attanpt to plain the paradox of 1CM interest rates, ineffectual easy rn,netaxy policy, and lowinvestrtnt during the Great Depression. We argue that Keynes' failure to distinguish between low naninal and high real interest rates led hint to misinterpret a...