The Postwar Stability of the Fisher Effect
研究名义利率对预期通胀的反应是否稳定，通过加入税收和总供给冲击因素，大幅降低了这种不稳定性，并发现外国债券需求增加会降低利率。
ABSTRACT Most research concerning the Fisher relationship has concentrated on the magnitude and significance of the response of nominal interest rates to anticipated inflation. Recently, attention has shifted to the stability of that response. According to previous estimates, the impact of anticipated inflation on interest rates varies substantially over time. By extending a standard model to include tax and aggregate supply shock effects, we are able to reduce such instability considerably. Our results also reveal that increased foreign demand for bonds lowers the interest rate.