Dictionary of Arguments

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Mause I 225
Interest Rates/Kalecki: In post-Keynesian models in the tradition of Keynes (1) and Kalecki (2) it is often assumed that interest rates will have little influence on demand for goods in the real economy. In particular, there is skepticism about the interest rate response of investment demand. In the so-called investment trap, changes in interest rates have no influence on investment demand. The possibility of a so-called fine-tuning of the economy by monetary policy is therefore viewed with skepticism. Rather, fiscal policy is seen as playing an important role in stabilising economic development.


1. J. M. Keynes, The general theory of employment, interest and money. London 1936
2. Michal Kalecki, In Collected works of Michal Kalecki, Hrsg. Jerzy Osyatinski. Oxford 1973.


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Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution.
The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

EconKale I
Michal Kalecki
The political aspects of full employment Oxford 1973

Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018


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Ed. Martin Schulz, access date 2019-03-23
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