منابع مشابه
Keynes, Uncertainty and Interest Rates
Uncertainty plays an important role in The General Theory, particularly in the theory of interest rates. Keynes did not provide a theory of uncertainty, but he did make some enlightening remarks about the direction he thought such a theory should take. I argue that some modern innovations in the theory of probability allow us to build a theory which captures these Keynesian insights. If this is...
متن کاملMonetary Policy, Nominal Interest Rates, and Long-horizon Inflation Uncertainty
Empirical evidence presented in this paper shows that the predictability of inflation at long horizons varies considerably across countries. Both simple theory and empirical evidence suggest that the crucial factor is the extent to which systematic monetary policy succeeds in stabilising the incipient unit root in inflation. The mechanism by which it does this appears however to be complicated ...
متن کاملMoney and Interest Rates
This study describes and reconciles two common, seemingly contradictory views about a key monetary policy relationship: that between money and interest rates. Data since 1960 for about 40 countries support the Fisher equation view, that these variables are positively related. But studies taking expectations into account support the liquidity effect view, that they are negatively related. A simp...
متن کاملLiquidity, Interest Rates and Output
This paper integrates monetary search theory with limited participation to analyze the liquidity effect of open market operations. The model features a centralized bonds market with limited participation and a decentralized goods market with random matches. In a fraction of matches, buyers can use unmatured bonds together with money to purchase goods. In other matches, a legal restriction forbi...
متن کامل9 Keynes and money
Introduction John Maynard Keynes was probably the most important and famous economist of the twentieth century. Keynes was primarily a specialist in monetary theory. The words money, monetary, currency appear in the title of all Keynes’s major books on economic theory. His conceptualization of money, however, differs significantly from that of classical economic theory, while the latter has dom...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Cambridge Journal of Economics
سال: 2002
ISSN: 1464-3545
DOI: 10.1093/cje/26.1.47