Interest rates

glevy at glevy at
Wed Aug 9 20:38:40 MDT 1995

There isn't one interest rate, there are many.  It is one thing to have a
general theory of interest rate determination, it is another thing to
explain how these more specific interest rates are modified at more
concrete levels of determination.  For instance, if we are to understand
the discount rate, we have to understand monetary policy and the Fed. If
we want to understand the prime rate, we have to understand the
relationship between finance capital and corporate capital.

Again I say -- to understand this issue more concretely we have to
develop our theory.  How do we do that?  The outline project.


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