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Commentary
Nature 457, 963 (19 February 2009) | doi:10.1038/457963a; Published online 18 February 2009
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Recession Watch: End the obsession with interest
John Geanakoplos1
- John Geanakoplos is the James Tobin Professor of Economics at Yale University, an external professor at the Santa Fe Institute and a founding partner at Ellington Capital Management, a hedge fund specializing in mortgages.
Email: john.geanakoplos@yale.edu
Abstract
Regulating leverage, not interest rates, is the answer to a troubled economy, says John Geanakoplos.
In standard economic theory, the interest rate has long been regarded as the most important variable. Whenever the economy slows, and asset prices fall, economists clamour for lower interest rates to encourage more spending, and the US Federal Reserve usually obliges.
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