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ArtikelDisinflation and Interest-Bearing Money  
Oleh: Calvo, Guillermo A. ; Vegh, Carlos A.
Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 106 no. 439 (Nov. 2000), page 1546-1563.
Topik: inflation; disinflation; interest - bearing money
Ketersediaan
  • Perpustakaan Pusat (Semanggi)
    • Nomor Panggil: EE28.18
    • Non-tandon: 1 (dapat dipinjam: 0)
    • Tandon: tidak ada
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Isi artikelIn high inflation countries, policymakers often end up paying interest on part of the money supply. Higher interest rates on money have been used as a disinflationary policy. This paper analyses the effectiveness of such a policy in the context of a closed - economy, staggered - prices model. Both a permanent and a temporary rise in the interest rate on money provoke an initial fall in inflation, at the expense of a recession. When the rise is temporary, however, the initial inflation slowdown is eventually followed by an upsurge of inflation over the level prevailing before the policy was implemented.
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