Quarterly Journal of Austrian Economics
Author:
Roger W. Garrison
Online Publish Date:
by wisely chosen monetary policy and is intended to govern the overall level of economic activity at each point in time. Exploring this distinction and its and investment in balance, the natural rate guides the economy along a sustainable growth path. That is, governed by the natural rate, unconsumed current output (real Growth In periods of technological advance, the Federal Reserve accommodates economic growth by lending freely at whatever rate of interest prevailed before the