SAN FRANCISCO, California, April 7 (TNSLrpt) -- The Federal Reserve Bank of San Francisco issued the following white paper (No. 2026-07) on April 6, 2026, by Joshua K. Hausman, John V. Leahy, John Mondragon, and Johannes Wieland entitled "Real Effects of Nominal Interest Rates."

Here are excerpts:

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Nominal interest rates have real effects. Residential mortgages and other real world debt contracts require a sequence of constant nominal payment . . .

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