منابع مشابه
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The conventional policy perspective is that lowering the interest rate increases output and inflation in the short run, while maintaining inflation at a higher level requires a higher interest rate in the long run. In contrast it has been argued that a Neo-Fisherian policy of setting an interest-rate peg at a fixed higher level will increase the inflation rate. We show that adaptive learning ar...
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Under the standard Taylor rule, the demand shocks (such as positive government spending shock or positive export shock) actually ‘crowd out’ private consumption by lowering household disposable income. However, under interest rate peg policy, this kind of demand shocks could actually ‘crowd in’ private consumption. What we mean by ‘crowd in’ effect of the positive demand shocks are that these s...
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The idea of an exogenous money supply—controlled entirely through central bank interventions—was a fundamental tenet of monetarism and New Classical economics. Post Keynesians have developed an extensive literature arguing that the money supply is in fact endogenous—that market forces combine with central banks in establishing the money supply. But Post Keynesians disagree on a related question...
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MARCH 1995 Hedging interest rate risk has become one of the most common and important types of a financial manager's risk management activities. A classic example is for a firm to hedge its cost of funds by using an interest rate cap to place an upper bound on its borrowing costs. The hedge typically consists of a sequence of individual call options on the interest rate, with option expiration ...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2015
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2015.03.002