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dc.contributor.authorHannsgen, Gregen
dc.date.accessioned2005-12-07-
dc.date.accessioned2010-05-14T11:09:14Z-
dc.date.available2010-05-14T11:09:14Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/31582-
dc.description.abstractMany empirical studies have found that interest rate have a positive effect on the price level. This paper pursues an obvious, but neglected explanation: interest payments are a cost of production that is at least in part passed on to costumers. A model shows that the cost-push effect of inflation, long known as Gibson's paradox, intensifies destabilizing forces and can be involved in the generation of cycles. An empirical investigation finds that the positive association of interest rates with inflation or the log of the price level is present in data from the 1950s to present.en
dc.language.isoengen
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen
dc.relation.ispartofseries|aWorking Paper |x410en
dc.subject.jelC22en
dc.subject.jelE11en
dc.subject.jelE12en
dc.subject.jelE32en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordGibson's Paradoxen
dc.subject.keywordInflationen
dc.subject.keywordMonetary Policy Rulesen
dc.subject.keywordNonlinear Dynamicsen
dc.titleGibson's paradox, monetary policy, and the emergence of cycles-
dc.typeWorking Paperen
dc.identifier.ppn504002910en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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