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An Interpretation of World Interest Rates
出版Clarendon Press, 1996
主題Business & Economics / InterestBusiness & Economics / Economics / TheoryPolitical Science / Public Policy / Economic Policy
ISBN01982894999780198289494
URLhttp://books.google.com.hk/books?id=ht_DAAAAIAAJ&hl=&source=gbs_api
註釋The alternative perspective offered in this book is a Keynesian one, in which the explanation of economic facts can never be separated from the role of economic policy. This view posits interest rates as a 'conventional' phenomenon, rooted in the perceptions and expectations of a now global financial market. That is, they are self-fulfilling rather than inescapable costs. The essential economic facts of the last twenty years bear out the truth of this Keynesian approach to interest rates, and are at odds with neo-classical (Fisher-Wicksell) theory. The implication, then, is that the world is not condemned to a high rate of interest, with the risk of low investment, rising public indebtedness, stagnation, and unemployment. Conscious economic policies, coordinated at the international level, are capable of turning this largely conventional price towards non-inflationary growth.