The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Dear Money

  • Susan Howson
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_142

Abstract

The obverse of cheap money, ‘dear money’ is also used to denote episodes in which central banks have raised (short-term) interest rates deliberately to bring about a contraction of money or credit, often in order to preserve a fixed exchange rate. The historical episodes are memorable for their effects on economic activity and on subsequent monetary theory and policy.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Susan Howson
    • 1
  1. 1.