Re: P.S.

[Sabri Oncu <soncu@xxxxxxxxxxx>]

Gill writes:

> I should have said that mainstream theory
> suggests another possible explanation for
> positive interest rates that, like explanations
> based on time or risk preferences, is consistent
> with the operation of competitive and complete
> markets.

Here is a question:

What is the theoretical justification of negative (real) interest
rates we recently have observed in Japan?

Sabri