November 28, 2015
INDEED, USURIOUS:
The Trouble With Interest Rates (J. Bradford DeLong, NOV 28, 2015 , Project Syndicate)
Given real economic conditions, European and American monetary policy is not too loose; if anything, it is too restrictive. The "natural" interest - what would be ground out by the Walrasian system of general equilibrium equations - is actually lower than what current monetary policy is producing.
Posted by Orrin Judd at November 28, 2015 9:35 PM