著者・編者Pierluigi Ciocca and Giangiacomo Nardozzi
with an essay on The main trends of real interest rates, 1960-1994 by Aviram Levy and Fabio Panetta
translated by Timothy Keates.
一般注記"This English edition contains a new chapter (Chapter 7)--Preamble.
資料の内容に関する注記The alternative perspective offered in this book is a Keynesian one, in which the explanation of economic facts can never be separated from the role of economic policy. This view posits interest rates as a 'conventional' phenomenon, rooted in the perceptions and expectations of a now global financial market. That is, they are self-fulfilling rather than inescapable costs. The essential economic facts of the last twenty years bear out the truth of this Keynesian approach to interest rates, and are at odds with neo-classical (Fisher-Wicksell) theory. The implication, then, is that the world is not condemned to a high rate of interest, with the risk of low investment, rising public indebtedness, stagnation, and unemployment. Conscious economic policies, coordinated at the international level, are capable of turning this largely conventional price towards non-inflationary growth.
書誌注記Includes bibliographical references.