Abstract

UGARTE, Eva; LEON, Josefina  and  PARRA, Gilberto. The Liquidity Trap, History, and Research Trends: A Bibliometric Analysis. Prob. Des [online]. 2017, vol.48, n.190, pp.165-188. ISSN 0301-7036.

In a liquidity trap, the conventional expansionary monetary policy is not an effective way to stimulate economic activity. The orthodox Keynesian model poses a situation of this sort as an extreme case, which has been used to justify the importance of fiscal policy. This paper aims to conduct a qualitative and quantitative analysis (using bibliometric techniques) to explore the recent literature about the liquidity trap. The way in which the number of publications in the period 1973-2015 evolved points to the economic events (Japanese depression in the nineteen-nineties and the 2007-2008 global financial crisis) that revived academic interest in studying this topic. We believe that these results offer a very accurate schematic overview of the current research agenda.

Keywords : Liquidity trap; nominal interest rate; monetary policy; fiscal policy; bibliometrics; Keynesian theory.

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