The Role of Seasonal Interest Rate Fluctuations in a Classical Model
在古典模型中分析季节性利率变化，发现资源价值高的季节利率较高，从而引导资源跨季节重新配置；若利率平滑抑制这一信号，则其他价格会体现季节性波动。
This paper examines the role of seasonal interest-rate changes within a classical model. It shows that the rate of interest is relatively high during seasons in which resources have a relatively high value. Hence seasonal interest-rate variations cause economic actors to reallocate resources from seasons during which they have a relatively low value to seasons during which they have a relatively high value. If interest rate smoothing prevents this difference in the value of resources across seasons from being reflected in the rate of interest, then it is reflected in the seasonal variation of other prices.