The Behaviour of Interest Rates Continued
This is a continuation of the previous chapter, but focuses on the institutional process at work in a central bank rather than theory. It examines the effects of central‐bank policy on base interest rates and on what basis policy is formed. It comments on the relationship between the rates set by the central bank in relation to other banking institutions. The authors compare their discussion to Keynes's general theory and found some similarities, but also some differences. They also examined it in comparison to Hick's IS/LM curve. The chapter ends with an analysis of interest rates since 1971.
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