Interest rates, income distribution and the monetary policy transmissions mechanism under endogenous money: what have we learned 30 years on from Horizontalists and Verticalists?

Autor:	John Smithin
Rok vydání:	2020
Předmět:	Inflation Economics and Econometrics Endogenous money Full employment Overnight rate media_common.quotation_subject Monetary policy Monetary economics Interest rate Income distribution Economics Real wages Finance media_common
Zdroj:	European Journal of Economics and Economic Policies: Intervention. 17:381-398
ISSN:	2052-7772 2052-7764
Popis:	This paper suggests that the near-optimal setting of the real policy rate of interest (the real overnight rate in Basil Moore's home country of Canada) is zero. This will achieve as close an approximation as possible to a fair distribution of income in a particular sense. It will also promote financial stability, inflation stability, high growth, full employment and higher real wages.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::d1c7bccdea7608118202a6cee1d8fb30 https://doi.org/10.4337/ejeep.2020.0058 Zobrazit plný text záznamu