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En este post para el blog de Lean Liberty discuto qué es y no es la tasa de interés y qué sucede cuando los bancos centrales la ubican debajo de su valor de equilibrio o natural.

Interest rates are one of the most confused subjects in economics. What are they, really? And what is their role in economic crises like the housing bubble and crash of the 2000s?

The first thing to clarify is what an interest rate is not. It is sometimes said by followers of John Maynard Keynes that the interest rate is “the price of money.” This should be said as clearly as possible: An interest rate is not the price of money.

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