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Estimating the Long-Run Relationship between Interest Rates and Inflation : a Response to Mccallum
Summers, Lawrence H. - 2021
This note demonstrates that Bennett McCallum's recent critique of low frequency estimates of macro-economic relationships is of little empirical significance. It also demonstrates that readily available and frequently used techniques can be used to diagnose the problem McCallum raises. Finally,...
Persistent link: https://www.econbiz.de/10013310822
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The Nonadjustment of Nominal Interest Rates : A Study of the Fisher Effect
Summers, Lawrence H. - 2022
This paper critically re-examines theory and evidence on the relation- ship between interest rates and inflation. It … concludes that there is no evidence that interest rates respond to inflation in the way that classical or Keynesian theories … inflation in the short or long run. During the post-war period interest rates do appear to be affected by inflation. However …
Persistent link: https://www.econbiz.de/10013324088