Muscatelli, V. A. and Spinelli, F. (1996) Gibson's paradox and policy regimes: a comparison of the experience in the US, UK and Italy. Scottish Journal of Political Economy, 43(4), pp. 468-492. (doi: 10.1111/j.1467-9485.1996.tb00858.x)
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Abstract
This paper compares the behaviour of long-term interest rates and prices in Italy, the UK and the USA, and seeks to shed light into what has become known as the ‘Gibson Paradox’. We compare the various theoretical explanations for the observed positive correlation of interest rates and prices in the USA and the UK. Using both regression and frequency domain techniques, we demonstrate that there is little evidence for the occurrence of the paradox in the case of Italy. The key conclusion of the paper is that the comparative evidence from these three countries supports a gold standard interpretation of the Paradox.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Muscatelli, Professor Anton |
| Authors: | Muscatelli, V. A., and Spinelli, F. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Scottish Journal of Political Economy |
| Publisher: | Wiley-Blackwell Publishing Ltd. |
| ISSN: | 0036-9292 |
| ISSN (Online): | 1467-9485 |
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