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dc.contributor.authorTymoigne, Éricen_US
dc.date.accessioned2010-05-14T11:08:15Z-
dc.date.available2010-05-14T11:08:15Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/31485-
dc.description.abstractBy providing five different criticisms of the notion of real rate, the paper argues that this concept, as Fisher defined it or as a definition, is not relevant to economic analysis. Following Keynes and other post-Keynesians, the article shows that the notion of real rate is microeconomically and macroeconomically unfounded. Adjusting interest rates for inflation does not protect the purchasing power of wealth, and it is impossible to do so at the macroeconomic level. In addition, an empirical interpretation of the break in the correlation between interest rates and inflation since 1953 is provided.en_US
dc.language.isoengen_US
dc.publisherThe Levy Economics Inst. of Bard College Annandale-on-Hudson, NYen_US
dc.relation.ispartofseriesWorking papers // The Levy Economics Institute 483en_US
dc.subject.jelE43en_US
dc.subject.ddc330en_US
dc.subject.keywordReal Interest Rateen_US
dc.subject.keywordFisheren_US
dc.titleFisher's theory of interest rates and the notion of real: a critiqueen_US
dc.typeWorking Paperen_US
dc.identifier.ppn570233917en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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