Tài liệu: Working Group on Physics of Socio-economic Systems Arbeitskreis Physik sozio-¨okonomischer Systeme (AGSOE)

In contrast, in the countries cited by Broadbent and Daly there was substantial room for declines in interest rates. With less room for movement in current interest rates in the United States, there is considerably less reason to believe that the boost provided by lower interest rates will be able to offset the contractionary impact of a lower deficit. Furthermore, there is much less a prospect that whatever decline in interest rates does occur will have as much impact as a comparable decline in interest rates would have had for these countries in their periods of adjustment. On...