The Interest Rate Channel in the New Monetary Policy Framework

Alvaro Angeriz, Philip Arestis, John McCombie and Warren Mosler

Challenge, 2008, vol. 51, issue 2, 69-84

Abstract: Is the current consensus about monetary policy valid? As the authors see it, current monetary policy is designed to use interest rates as a control on longterm inflation. The authors assess the concept, summarize the empirical data, and find that the theory may not work. Supply shocks may cause most inflation, not demand.

Date: 2008
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DOI: 10.2753/0577-5132510206

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