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The Fed has interpreted a rise in interest rates as tighter monetary policy and a fall as easier monetary policy. But interest rates are an imperfect indicator of monetary policy. If easy monetary policy is expected to cause inflation, lenders demand a higher interest rate to compensate for this inflation, and borrowers are willing to pay a higher rate because inflation reduces the value of the dollars they repay. Thus, an increase in expected inflation increases interest rates. Between 1977 and 1979, for example, U.S. monetary policy was easy and interest rates rose. Similarly, if tight monetary policy is expected to reduce inflation, interest rates could fall.
ที่มา: EconLibrary
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7 ส.ค. 54 18:54:09
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