Key Differences Between Income Effect and Substitution Effect. ... Unlike, substitution effect which is depicted by movement along price-consumption curve, which have a negative slope. The income effect is a result of income being freed up whereas substitution effect arises due to relative changes in prices.
The spread effect is the effect that a change in the spread between rates on RSAs and RSLs has on net interest income as interest rates change. The spread effect is such that, regardless of the direction of the change in interest rates, a positive relation exists between changes in the spread and changes in NII.
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