RONALD MCKINNON'S CONTRIBUTIONS TO ECONOMICS

被引：0

作者：

Connolly, Michael ^{[1
]}

机构：

[1] Univ Miami, Sch Business Adm, Coral Gables, FL 33124 USA

来源：

SINGAPORE ECONOMIC REVIEW | 2016年 / 61卷 / 02期

关键词：

Savings; investment; financial repression; OPTIMUM CURRENCY AREAS;

D O I：

10.1142/S0217590816400245

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Ronald McKinnon contributed crucially to our knowledge of the key role of savings, investment and financial intermedication in economic growth. Financial repression by governemt spending on consumption and repressed interest rates leads to low savings which finances investment, thus slowing growth. This is Ron's message even today. He has castigated the U.S. monetary authorities for falling into a "policy trap" of repressing interest rates, presumably to foster investment and growth. In fact, Ron points out that zero rates deter savings and thus punish both investment and growth.

引用

页数：9