Re: Re: Re: Robert Glenn Hubbard

[Doug Henwood <dhenwood@xxxxxxxxx>]

Jim Devine wrote:

> Brad writes:
> > Even the stuff about how corporate investment is determined not by
> > interest rates but by corporate cash flow?
>
> that's interesting (though likely not to Louis). So the CEA might be
> led by someone who thinks that monetary policy isn't very effective?

Well maybe it isn't, or at least its effectiveness isn't transmitted
through corporate investment via interest rates. It is a pretty
well-established fact that cash flow is a far more powerful
determinant of investment than interest rates, isn't it?

Doug