国际清算银行：资本之谜（英文版）

Can a central bank raise interest rates and still see real (inflation-adjusted) rates immediately fall? If so, can we trust the gap between real interest rates and their natural level to be a reliable guide? I explore a puzzle that arises when moving from simple economic models to the larger, more realistic ones used by central banks. Adding factors like capital can cause real interest rates to behave in unexpected ways, challenging the idea that monetary policy works mainly through its effec