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This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. It shows, in the context of a simple model of optimizing private-sector behaviour, that assignment of an interest-rate smoothing...
Persistent link: https://www.econbiz.de/10005242735
This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. It shows, in the context of a simple model of optimizing private-sector behaviour, that assignment of an interest-rate smoothing...
Persistent link: https://www.econbiz.de/10010638014
Persistent link: https://www.econbiz.de/10010638049
Persistent link: https://www.econbiz.de/10005167940