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Studies in the Theory of Interest

If X is in this position, then the M line simply runs through o, and "rotates" about
that fulcrum as the interest rate changes. Equilibrium for X in this event might be
illustrated in figure 1 by a movement up Mil to Q". In this event the market would
not be in equilibrium, and the interest rate would have to drop below the level
indicated by M. 5. An Objective or a Subjective Theory of Interest? As indicated
above, Fisher's theory determines the equilibrium rate of interest by finding that
rate which ...