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LIBROS DEL AUTOR: michael a stubblebine

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Interest Rate Targeting, Inflation, and the Fisher Effect - An Empirical Test of the Real Interest Rate in Germany, 1970-2000

Michael A. Stubblebine

In the conduct of monetary policy, central banks may employ a policy instrument such as the discount rate to affect an intermediate target such as nominal interest rates in order to achieve an ultimate policy goal such as price stability. If nominal rates contain little or no information on real interest rates, and therefore on the tightness of monetary policy, they will be le...

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