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The perverse response of interest rates

Virginie Boinet and Christopher Martin ()

Economics Letters, 2008, vol. 99, issue 2, 418-420

Abstract: The optimal monetary policy response to an increase in aggregate demand may be to reduce the interest rate. This apparently perverse response of interest rates can occur when the Phillips curve is non-linear.

Date: 2008
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Working Paper: The Perverse Response of Interest Rates (2006) Downloads
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