Chapter

The Behaviour of Interest Rates Continued

J. C. R. Dow and I. D. Saville

in A Critique of Monetary Policy

Published in print May 1990 | ISBN: 9780198283195
Published online November 2003 | e-ISBN: 9780191596186 | DOI: http://dx.doi.org/10.1093/0198283199.003.0004

Series: Clarendon Paperbacks

 The Behaviour of Interest Rates Continued

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This is a continuation of the previous chapter, but focuses on the institutional process at work in a central bank rather than theory. It examines the effects of central‐bank policy on base interest rates and on what basis policy is formed. It comments on the relationship between the rates set by the central bank in relation to other banking institutions. The authors compare their discussion to Keynes's general theory and found some similarities, but also some differences. They also examined it in comparison to Hick's IS/LM curve. The chapter ends with an analysis of interest rates since 1971.

Keywords: banks; base rates; central bank; John R. Hicks; interest rates; IS/LM curve; Keynes’ general theory

Chapter.  7593 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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