![]() ![]() But does this fact render obsolete the ISLM scheme, which is apparently tied to money supply control? And isn’t it necessary to find a solid basis for interest rate control instead of just following ad hoc policy functions? This paper is a sensible approach based on the important pioneering work of William Poole, which shows firstly that the static ISLM framework can be further developed for the case of interest rate control and that secondly the current financial crisis and especially the policy reactions of central banks can be explained. ![]() Monetary Policy, Economic and Financial Crisis, Quantitative Easing, New Keynesian Macroeconomics, Standard Macroeconomic Model, William PooleĪBSTRACT: Some years ago (before the outbreak of the financial crisis) most of the major central banks-in general- shifted to interest rate control. The Poolean Consensus Model: The Strategic Scope of Monetary PolicyĪUTHORS: Friedrich L. Startz, “Macroeconomics,” 10th Edition, McGrawHill/Irwin, New Delhi, 2007. ![]()
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