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dc.contributor.authorTymoigne, Éricen
dc.date.accessioned2010-05-14T11:08:15Z-
dc.date.available2010-05-14T11:08:15Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x483en
dc.subject.jelE43en
dc.subject.ddc330en
dc.subject.keywordReal Interest Rateen
dc.subject.keywordFisheren
dc.titleFisher's theory of interest rates and the notion of real: a critique-
dc.typeWorking Paperen
dc.identifier.ppn570233917en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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