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Real interest rates, credit markets and economic stabilization

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  • Jenkins, Paul
  • Walsh, Carl E.

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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Suggested Citation

  • Jenkins, Paul & Walsh, Carl E., 1987. "Real interest rates, credit markets and economic stabilization," Journal of Macroeconomics, Elsevier, vol. 9(1), pages 95-108.
  • Handle: RePEc:eee:jmacro:v:9:y:1987:i:1:p:95-108
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    Cited by:

    1. 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.
    2. 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.
    3. 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.
    4. Juan Luis Vega, 1992. "El papel del crédito en el mecanismo de transmisión monetaria," Estudios Económicos, Banco de España;Estudios Económicos Homepage, number 48, June.

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