Interest Rate Puzzles, Competitive Theory and Capital Constraints

Joseph Stiglitz

Chapter 7 in Economics in a Changing World, 1995, pp 145-175 from Palgrave Macmillan

Abstract: Abstract Much has been written in recent years concerning the problem of reconciling observed patterns of real wages with competitive equilibrium theory. The failure of real product wages to rise in economic downturns suggests that firms are off their supply curves;1 and the failure of real consumer wages to fall substantially suggests that workers are off their labour supply curves.

Keywords: Interest Rate; Monetary Policy; Capital Market; Risk Premium; Real Interest Rate (search for similar items in EconPapers)
Date: 1995
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DOI: 10.1007/978-1-349-23953-5_7

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