Ronald Mckinnon's contributions to economics

Research output: Contribution to journalArticle

Abstract

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.

Original languageEnglish (US)
Article number1640024
JournalSingapore Economic Review
Volume61
Issue number2
DOIs
StatePublished - Jun 1 2016

Fingerprint

Economics
Interest rates
Savings
Authority
Economic growth
Saving-investment
Finance
Trap
Financial repression

Keywords

  • financial repression
  • investment
  • Savings

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

Ronald Mckinnon's contributions to economics. / Connolly, Michael.

In: Singapore Economic Review, Vol. 61, No. 2, 1640024, 01.06.2016.

Research output: Contribution to journalArticle

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