Abstract
The argument of this monograph is that, contrary to prevailing opinion, high interest rates are not a fact of economic life. The authors argue that this is a conventional assumption rooted in the expectations of financial markets. World economic evidence from the last 20 years indicates that conscious policies are, in fact, capable of altering interest rates in the short term, without heavy costs. Such policies must be devised and pursued if we are to come out of recession.
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