A Century of British Market Interest Rates, 1874–1975
the fallacy of the real-bills doctrine; the distinction between the first-round and ultimate effects of monetary change; the lag in effect of monetary change; the problem market participants faced in distinguishing relative from general price changes; the distinction between internal and external gold drains; the factors influencing the foreign exchanges including the role of purchasing power parity; how to bring inflation under control; the relation of the Bank of England to other English banks; types of effects of monetary disturbances on interest rates; the distinction between the market rate and the natural rate of interest and between nominal and real rates of interest.
KeywordsInterest Rate Price Change Real Yield Nominal Interest Rate Short Rate
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