The Real Rate of Interest, the Business Cycle, Economic Growth and Inflation: An Alternative Theoretical Perspective

Smithin, John

doi:10.1016/j.jeca.2005.02.001

Cited by 5 publications

(3 citation statements)

References 34 publications

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“…Studies on inflation and GNI emphasize a positive impact, as Smithin (2005) argues that a controlled level of inflation can stimulate economic activities by reducing real interest rates, encouraging investments. Their research highlights the role of inflation in facilitating a more dynamic and flexible economic environment.…”

Section: Literature Reviewmentioning

confidence: 99%

Economic Empowerment: The Role of Digital Financial Inclusion in Boosting Gross National Income in Upper-Income Countries

Khan,

Ahmad,

Abbas

et al. 2024

REAL

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The objective of this study is to examine the impact of the digital financial inclusion index on Gross National Income per Capita in upper-income countries. Using the Principal Components Analysis (PCA) method, the study has constructed a digital financial inclusion index with the data collected from the World Development Indicator for the years 2011–2021. Further, utilizing the Generalized Moments of Method (GMM) technique, the findings reveal a significant positive effect of the digital financial inclusion index on income levels, emphasizing the importance of inclusive financial systems for broader economic participation. Additionally, bank branches remain important, highlighting their complementary role alongside digital services. Moreover, savings significantly contribute to economic growth and stability. Lastly, ATMs play a positively significant role in raising economic development and increasing income levels. Policymakers should prioritise initiatives that enhance digital financial inclusion, strengthen traditional banking infrastructure, and encourage savings. Additionally, investments in accessible banking services, such as ATMs, can significantly contribute to advancing economic development and increasing income levels.

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Section: Literature Reviewmentioning

confidence: 99%

Economic Empowerment: The Role of Digital Financial Inclusion in Boosting Gross National Income in Upper-Income Countries

Khan,

Ahmad,

Abbas

et al. 2024

REAL

View full text Add to dashboard Cite

show abstract

“…A recent example is that where on April 22, 2004 Greenspan said that he expected ''solid economic growth'' ahead and noted that the Fed's key interest rate would have to rise ''at some point''. In line with Smithin (2002), we therefore specify the following monetary policy rule:…”

Section: The Government and The Central Bankmentioning

confidence: 99%

“…3 To our knowledge, in some recent empirical studies, such as Erceg and Levin (2003), Smithin (2002), andKuttner (2004), the growth rate target is embedded in the interest-rate rules. also influence sustainable long-run growth.…”

Section: Introductionmentioning

confidence: 99%

Interest-rate rules and transitional dynamics in an endogenously growing open economy

Chen

Shaw

Lai

et al. 2008

Journal of International Money and Finance

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Inflation targeting in a simple macroeconomic model

Atesoglu

Smithin

2006

Journal of Post Keynesian Economics

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In this paper, we argue that an explicit inflation-targeting policy is not likely to be a desirable monetary policy rule, even if it were agreed that a lower inflation rate is an important goal of policy. Inflation targeting is not neutral in the short or the long run, and a strict policy will tend to reduce the equilibrium growth rate. In terms of income distribution, a lower inflation target will tend to reduce real wages and profits and increase real interest rates, that is, the return to rentiers. In certain circumstances, it may still be possible to achieve a combination of both higher growth and lower inflation using other types of policy. However, this would actually require lower real interest rates, rather than the higher rates that are traditionally associated with anti-inflation policy.

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The Real Rate of Interest, the Business Cycle, Economic Growth and Inflation: An Alternative Theoretical Perspective

Cited by 5 publications

References 34 publications

Economic Empowerment: The Role of Digital Financial Inclusion in Boosting Gross National Income in Upper-Income Countries

Economic Empowerment: The Role of Digital Financial Inclusion in Boosting Gross National Income in Upper-Income Countries

Interest-rate rules and transitional dynamics in an endogenously growing open economy

Inflation targeting in a simple macroeconomic model

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