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Interest Rates and Monetary Policy

[Zeitschriftenartikel]

McCausland, W David; Gazioglu, Saziye

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-241507

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Abstract This paper conducts a thorough intertemporal analysis of nominal interest rate based monetary policy. Its main contribution is to show how such a policy can have different effects depending on the assumptions made about the saving and borrowing behaviour of firms. We consider two cases (i) consumers are savers and firms are borrowers, and (ii) both consumers and firms are borrowers (the nation as a whole is borrowing from abroad). In one case we confirm conventional wisdom, but in the other case we find there may be unexpected and surprising results. Moreover, our analysis has important implications for both inflation and nominal exchange rate targeting policies.
Sprache Dokument Englisch
Publikationsjahr 2009
Seitenangabe S. 2005-2012
Zeitschriftentitel Applied Economics, 41 (2009) 16
DOI http://dx.doi.org/10.1080/00036840601019372
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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