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The Rate of Interest, the Bank Rate, and the Stabilization of Prices

Gustav Cassel
The Quarterly Journal of Economics
Vol. 42, No. 4 (Aug., 1928), pp. 511-529
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1882532
Page Count: 19
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The Rate of Interest, the Bank Rate, and the Stabilization of Prices
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Abstract

Relative prices and the absolute height of prices.--Interest as a price, 512.-- The equilibrium rate of interest is a price; how it is determined, 513.--The absolute height of prices, 515.--The bank rate 516.--Stability of prices is possible only when the bank rate is the same as the equilibrium rate, 517.--No other device is adequate, 519.--The gold standard does not bring stability, of prices, 520.--A manipulated bank rate may mitigate the instability, but with disturbing effects, 521.--Some explanations: special conditions of a progressive society; various kinds of interest rates; how the rate of interest affects prices, 523.--Dynamics as contrasted to static conditions; cyclical movements; futility of mathematical wave theories, 526.

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