Real interest rates, credit markets and economic stabilization
AbstractThe role of a real interest rate and a credit aggregate as intermediate monetary policy targets are investigated under the assumption of rational expectations. The analysis expands a standard aggregate model to include a credit market and a market determined interest rate on bank deposits. This allows the implications for output stabilization of real interest rate policy to be examined for a wider variety of shocks than normally considered in the literature, as well as allowing a credit aggregate policy to be studied.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Macroeconomics.
Volume (Year): 9 (1987)
Issue (Month): 1 ()
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Web page: http://www.elsevier.com/locate/inca/622617
Other versions of this item:
- Paul Jenkins & Carl E. Walsh, 1985. "Real Interest Rate, Credit Markets, and Economic Stabilization," NBER Working Papers 1575, National Bureau of Economic Research, Inc.
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- Paschakis, John & Smithin, John, 1998. "Exchange Risk and the Supply-Side Effects of Real Interest Rate Changes," Journal of Macroeconomics, Elsevier, vol. 20(4), pages 703-720, October.
- Charles W. Calomiris & Stanley D. Longhofer & William Miles, 2012.
"The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares,"
NBER Working Papers
17740, National Bureau of Economic Research, Inc.
- Calomiris, Charles W. & Longhofer, Stanley D. & Miles, William, 2013. "The Housing Wealth Effect: The Crucial Roles of Demographics, Wealth Distribution and Wealth Shares," Critical Finance Review, now publishers, vol. 2(1), pages 049-099, July.
- Carl E. Walsh, 1987. "Three questions concerning nominal and real interest rates," Economic Review, Federal Reserve Bank of San Francisco, issue Fall, pages 5-19.
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