The supply-side effect of a restrictive monetary policy is likely to be perverse, in that high interest rates enter into costs and thus exert inflationary pressure. (William Vickrey)

The supply-side effect of a restrictive monetary policy is likely to be perverse, in that high interest rates enter into costs and thus exert inflationary pressure.

William Vickrey

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effect enter high interest likely perverse policy pressure restrictive thus rates costs

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