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Real Interest Rate, Credit Markets, and Economic Stabilization

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  • Paul Jenkins
  • Carl E. Walsh

Abstract

The 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 Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1575.

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Date of creation: Mar 1985
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Publication status: published as Jenkins, Paul and Carl E. Walsh. "Real Interest Rate, Credit Markets, and Economic Stabilization," Journal of Macroeconomics, Vol. 9, No. 1, Winter 1987, pp. 95-108.
Handle: RePEc:nbr:nberwo:1575

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Cited by:
  1. 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.
  2. 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.
  3. 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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