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Görüntüleme (gezinme ile): -- Görüntüleme (arama ile): -- IP: 13.58.150.59 -- Ziyaretçi Sayısı:
Özgün Başlık Monetary Policy in the General Theory Yazarlar Nazım Kadri Ekinci Dergi Adı ODTÜ Gelişme Dergisi Cilt 2008, Cilt 35, Sayı 1, ss. 121-132 Anahtar Kelimeler Determination of interest rates ; term structure of interest rates ; financial markets and the macroeconomy ; monetary policy Özet The theory of interest rate is central to Keynesian macroeconomics. This paper provides an interpretation of Keynes’ conventional theory of the interest rate. Accordingly, the interest rate can only be determined in the market, if expectations converge. The central bank is a market-maker, because of its capacity to manage expectations and to affect market outcomes. On the other hand, interest rate and asset prices determine the rate at which wealth is converted into income. This may be a crucial consideration when discussing the question of what monetary policy can do. |