Kuttner, Kenneth Neil; Friedman, Benjamin M. - National Bureau of Economic Research (NBER) - 2010
the level of short-term interest rates. Event studies show no relationship between the two for the United States, the Euro … period, show no interest elasticity for the U.S. or the Euro-system (but some elasticity for Japan). The chapter next …Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating …