Brief articulation of Wicksell's natural rate of interest and Keynes's realization that there is a natural rate of interest for every level of employment. There is therefore no necessity for equilibrium at full employment "in the long run" based on a Wicksellian "natural rate."
Multiple equilibria at less than full employment are both possible theoretically and probable based on history. No liquidity traps required. Chronic unemployment is a bug in the system that can be squashed using fiscal policy.
The Case for Concerted Action
Disappointing Start, Mr. Bernanke
The Case for Concerted Action
Disappointing Start, Mr. Bernanke
Ramanan
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