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Inflationary Expectations and Interest Rates A'la Patinkin's General Equilibrium Model
Ist Teil von
The American Economist (New York, N.Y. 1960), 1985-10, Vol.29 (2), p.55-56
Ort / Verlag
Los Angeles, CA: Omicron Delta Epsilon
Erscheinungsjahr
1985
Link zum Volltext
Quelle
EBSCOhost Business Source Ultimate
Beschreibungen/Notizen
The continuing presence of high inflation has spurred a renewed interest in Fisher's (1930) work on the relationship between expected inflation and interest rates. Fisher proposed that the nominal interest rate adjusts fully to changes in inflationary expectations, leaving the real interest rate unaffected. Steindl (1973) analyzed the effect of expected inflation on real interest rates using Patinkin's (1965) general-equilibrium model. He concluded that such an effect cannot be determined a priori. However, the present analysis shows that Steindl's conclusion stems from an unrealistic assumption that, when inflation is expected to rise, rational asset holders would move out of money and into bonds. Relaxing this erroneous assumption, it is shown that Patinkin's general-equilibrium model clearly leads to the result that a rise in the expected inflation rate would lead to a higher real interest rate.