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Wernerab Show more Under a Creative Commons license open access Abstract The rate of interest — the price of money — is said to be a key policy tool. Economics has in general emphasised prices.
This theoretical bias results from the axiomatic-deductive methodology centring on equilibrium. Without equilibrium, quantity constraints are more important than prices in determining market outcomes.
In disequilibrium, interest rates should be far less useful as policy variable, and economics should be more concerned with quantities including resource constraints. To investigate, we test the received belief that lower interest rates result in higher growth and higher rates result in lower growth.
Examining the relationship between 3-month and year benchmark rates and nominal GDP growth over half a century in four of the five largest economies we find that interest rates follow GDP growth and are consistently positively correlated with growth.
If policy-makers really aimed at setting rates consistent with a recovery, they would need to raise them. We conclude that conventional monetary policy as operated by central banks for the past half-century is fundamentally flawed. Policy-makers had better focus on the quantity variables that cause growth.
Previous article in issue.QuickProf | Online Tutoring Website for College Students. The idea of “privilege”—that some people benefit from unearned, and largely unacknowledged, advantages, even when those advantages aren’t discriminatory —has a pretty long history.
Feb 11, · You remember the hyperloop, don't you? It's that far-out idea billionaire industrialist Elon Musk proposed in a page white paper in August for a vacuum-tube transport network that could.
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