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Disinflation 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
Lihat Detail Induk
Isi artikel
In 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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