IDEAS home Printed from https://ideas.repec.org/p/fip/fedrwp/75-02.html
   My bibliography  Save this paper

Interest rates, expectations, and the Wicksellian policy rule

Author

Listed:
  • Thomas M. Humphrey

Abstract

Prominent among older theories of inflation is the view that a rising price level stems from a divergence between two rates of interest.

Suggested Citation

  • Thomas M. Humphrey, 1975. "Interest rates, expectations, and the Wicksellian policy rule," Working Paper 75-02, Federal Reserve Bank of Richmond.
    • Handle: RePEc:fip:fedrwp:75-02
    as

    Download full text from publisher

    File URL: http://www.richmondfed.org/publications/research/working_papers/1975/wp_75-2.cfm
    Download Restriction: no
    File URL: http://www.richmondfed.org/publications/research/working_papers/1975/pdf/wp75-2.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Harrington, Richard, 1971. "The Monetarist Controversy," The Manchester School of Economic & Social Studies, University of Manchester, vol. 39(4), pages 269-292, December.
    2. Thomas J. Sargent, 1969. "Commodity Price Expectations and the Interest Rate," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 83(1), pages 127-140.
    3. Tanner, J. Ernest, 1975. "A wicksellian indicator of monetary policy," Journal of Monetary Economics, Elsevier, vol. 1(2), pages 171-185, April.
    4. Wicksell, Knut, 1907. "The Influence of the Rate of Interest on Prices," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 17, pages 213-220.
    5. Laidler, David, 1972. "On Wicksell's Theory of Price Level Dynamics," The Manchester School of Economic & Social Studies, University of Manchester, vol. 40(2), pages 125-144, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Benjamin M. Friedman, 1978. "Price Inflation, Portfolio Choice, and Nominal Interest Rates," NBER Working Papers 0235, National Bureau of Economic Research, Inc.
    2. repec:hal:wpspec:info:hdl:2441/2961 is not listed on IDEAS
    3. Jérôme Creel & Henri Sterdyniak, 1999. "La politique monétaire sans monnaie," Revue de l'OFCE, Programme National Persée, vol. 70(1), pages 111-153.
    4. Jean-Michel Grandmont & Gérard Neel, 1973. "Sur les taux d'intérêt en France," Revue Économique, Programme National Persée, vol. 24(3), pages 460-472.
    5. McCallum, Bennett T., 1999. "Issues in the design of monetary policy rules," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 23, pages 1483-1530, Elsevier.
    6. Mesonnier, Jean-Stephane & Renne, Jean-Paul, 2007. "A time-varying "natural" rate of interest for the euro area," European Economic Review, Elsevier, vol. 51(7), pages 1768-1784, October.
    7. John B. Taylor, 2017. "Rules Versus Discretion: Assessing the Debate Over the Conduct of Monetary Policy," NBER Working Papers 24149, National Bureau of Economic Research, Inc.
    8. repec:hal:spmain:info:hdl:2441/5221 is not listed on IDEAS
    9. Oeffner, Marc, 2008. "Agent–Based Keynesian Macroeconomics - An Evolutionary Model Embedded in an Agent–Based Computer Simulation," MPRA Paper 18199, University Library of Munich, Germany, revised Oct 2009.
    10. Yash P. Mehra, 1995. "Some key empirical determinants of short-term nominal interest rates," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 33-51.
    11. van Eeghen, Piet-Hein, 2021. "Funding money-creating banks: Cash funding, balance sheet funding and the moral hazard of currency elasticity," International Review of Financial Analysis, Elsevier, vol. 76(C).
    12. Ascah, Louis, 1984. "Sommes-nous tous des néo-keynésiens à la Friedman-Phelps-Lucas maintenant?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 60(1), pages 132-135, mars.
    13. İsmet Göçer & Serdar Ongan, 2020. "Asymmetric Impacts of Inflation on the US Bond Rates and FED’s Pre-Emptive Policy," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 5(2), pages 143-157, December.
    14. Luis Eduardo Arango & Fernando Arias & Luz Adriana Flórez, 2008. "Trends, Fluctuations, and Determinants of Commodity Prices," Borradores de Economia 521, Banco de la Republica de Colombia.
    15. Michał Brzoza-Brzezina, 2002. "Estimating the Natural Rate of Interest: A SVAR Approach," NBP Working Papers 27, Narodowy Bank Polski.
    16. Mésonnier, J-S. & Renne, J-P., 2004. "A Time-Varying Natural Rate for the Euro Area," Working papers 115, Banque de France.
    17. Barbaroux, Nicolas, 2008. "The Wicksellian Flavour in Macroeconomics," Perfil de Coyuntura Económica, Universidad de Antioquia, CIE, August.
    18. Crowley, Patrick M. & Hallett, Andrew Hughes, 2018. "What causes business cycles to elongate, or recessions to intensify?," Journal of Macroeconomics, Elsevier, vol. 57(C), pages 338-349.
    19. Michal Brzoza-Brzezina & Jesús Crespo-Cuaresma, 2007. "Mr. Wicksell and the global economy: What drives real interest rates?," Working Papers 2007-06, Faculty of Economics and Statistics, Universität Innsbruck.
    20. Georges Prat & Remzi Uctum, 2010. "Anticipations, prime de risque et structure par terme des taux d'intérêt : une analyse des comportements d'experts," Recherches économiques de Louvain, De Boeck Université, vol. 76(2), pages 195-217.
    21. Alan G. Isaac, 2009. "Monetary And Fiscal Interactions: Short‐Run And Long‐Run Implications," Metroeconomica, Wiley Blackwell, vol. 60(1), pages 197-223, February.
    22. Bruno Ducoudre, 2008. "Structure par terme des taux d’intérêt et anticipations de la politique économique," Sciences Po publications info:hdl:2441/5221, Sciences Po.

    More about this item

    Keywords

    Forecasting; Inflation (Finance);

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedrwp:75-02. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christian Pascasio (email available below). General contact details of provider: https://edirc.repec.org/data/frbrius.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.