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It could do lots of things, in other words, that did not, to the first order, represent a mechanical tightening of monetary policy.Or to turn the empirical side of the heterodox argument on the heterodox economists: when has raising interest rates while at the zero lower bound led to higher inflation?
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To slow capital flight, the government has raised interest rates.
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To prevent the depreciation from fuelling inflation expectations, it has raised interest rates.
The Bank of Thailand, for example, has raised interest rates six times in the past year.
It is buying back pesos, buying fewer dollars, and has raised interest rates.
India's central bank has raised interest rates six times since January in an attempt to tame double-digit inflation.
The central bank has raised interest rates twice this year, despite Mr. da Silva's campaign pledges for easier credit.
Coach Alen Stajcic has raised interest in the Matildas' Olympics hopes by declaring the squad's ambition to finish on the podium.
The Federal Reserve has raised interest rates six times since last June to cool the economy and keep inflation under control.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com