Which of the following statements is INCORRECT?

Select one:

a.

Studies show that the household supply of loanable funds is steeply positively sloping.

b.

The Fisher effect of an increase in inflationary expectations is that the equilibrium quantity of loanable funds neither increases, nor decreases.

c.

When interest rates are lower, current dollars are cheaper in relation to future dollars.

d.

A decrease in the Official Cash Rate (OCR) tends to place upward pressure on inflation.

e.

At higher interest rates, hoarding generally occurs.