Almost 20 years ago, I contributed a chapter to an edited volume in which I described a set of conditions under which raising interest rates could have perverse (i.e. expansionary) effects. Years later, Scott Fullwiler dubbed my graph the "Kelton Curve" 1/
neweconomicperspectives.org/2013/01/functi… pic.twitter.com/oJwLwePR22 |
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