Re: C-span hearings/interest rates

[Randy Wray <lwray@xxxxxx>]

per
i am agreed on all the major points, but:
1. in the us case, interest rates do NOT get into the cpi thru owner
occupied housing portion of consumer basket; they more or less did
until the early 1980s, but no longer. see the brief by papadimitriou
and wray from levy inst.
2. drop the "real interest rate" and substitute "nominal interest
rate"; nothing can be more unreal than real interest rates.
randy wray