Liquidity Trap, Chapter n

Peter F. Basile, John Landon-Lane, and Hugh Rockoff (2010), "Money and Interest Rates in the United States during the Great Depression":

Money and Interest Rates in the United States during the Great Depression: This paper reexamines the debate over whether the United States fell into a liquidity trap in the 1930s. We first review the literature on the liquidity trap focusing on Keynes's discussion of “absolute liquidity preference” and the division that soon emerged between Keynes, who...