Arestis, Philip; Sawyer, Malcolm - EconWPA - 2002
objective of achieving the goal(s) of monetary policy. The latter is normally the inflation rate, although in a number of … U.S. and the UK and suggest that these empirical results point to a relatively weak effect of interest rate changes on … inflation. We also suggest, on the basis of the evidence adduced in the paper, that monetary policy can have long-run effects on …