کد مقاله کد نشریه سال انتشار مقاله انگلیسی ترجمه فارسی نسخه تمام متن
5048487 1476333 2018 9 صفحه PDF سفارش دهید دانلود کنید
عنوان انگلیسی مقاله ISI
Reconsidering Monetary Policy: An Empirical Examination of the Relationship Between Interest Rates and Nominal GDP Growth in the U.S., U.K., Germany and Japan
ترجمه فارسی عنوان
بازنگری سیاست پولی: بررسی تجربی رابطه بین نرخ بهره و رشد تولید ناخالص داخلی در ایالات متحده آمریکا، انگلیس، آلمان و ژاپن
کلمات کلیدی
نرخ بهره؛ رشد اقتصادی؛ سیاست های پولی؛ انتقال پولی؛ قیمت ها در مقابل مقادیر .محدودیتهای تعداد؛ محدودیت منابع؛ نظریه مقداری اعتباری
موضوعات مرتبط
علوم زیستی و بیوفناوری علوم کشاورزی و بیولوژیک بوم شناسی، تکامل، رفتار و سامانه شناسی
چکیده انگلیسی

The rate of interest - the price of money - is said to be a key policy tool. Economics has in general emphasised prices. This theoretical bias results from the axiomatic-deductive methodology centring on equilibrium. Without equilibrium, quantity constraints are more important than prices in determining market outcomes. In disequilibrium, interest rates should be far less useful as policy variable, and economics should be more concerned with quantities (including resource constraints). To investigate, we test the received belief that lower interest rates result in higher growth and higher rates result in lower growth. Examining the relationship between 3-month and 10-year benchmark rates and nominal GDP growth over half a century in four of the five largest economies we find that interest rates follow GDP growth and are consistently positively correlated with growth. If policy-makers really aimed at setting rates consistent with a recovery, they would need to raise them. We conclude that conventional monetary policy as operated by central banks for the past half-century is fundamentally flawed. Policy-makers had better focus on the quantity variables that cause growth.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Ecological Economics - Volume 146, April 2018, Pages 26-34
نویسندگان
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