Dow, James (contributor); Gorton, Gary (contributor); … - 2003 - [Elektronische Ressource]
interest rate is
that cyclical movements in productivity drive it. This seems very unrealistic for the short
rate.
4,5
In our … interest rate at business cycle frequencies. For example, in the current recession, the one-year nominal
interest rate is 1 ….3 percent (there is no one-year inflation-indexed bond, but with inflation positive, we
can conclude that the real interest rate …