Could There Be 'Sub-Market' Interest Rate in the IS-LM Framework?

This paper attempts to make a case of “sub-market interest rate” using the IS-LM framework. The argument is that when the market interest rate falls below a certain level, the low cost of borrowing would invite speculative varieties or unproductive investment, which could eventually crowd out productive investment. As such, both monetary policy and fiscal policy may not be effective under certain circumstances

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Year of publication:	2015
Authors:	Li, Kui-Wai
Publisher:	[2015]: [S.l.] : SSRN
Subject:	Zins \| Interest rate \| Theorie \| Theory \| Makroökonomik \| Macroeconomics \| IS-LM-Modell \| IS-LM model

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