The Interest Rate Channel in the New Monetary Policy Framework
Is the current consensus about monetary policy valid? As the authors see it, current monetary policy is designed to use interest rates as a control on longterm inflation. The authors assess the concept, summarize the empirical data, and find that the theory may not work. Supply shocks may cause most inflation, not demand.
Volume (Year): 51 (2008)
Issue (Month): 2 (March)
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