The answer to the latter question depends on the capacities of our economy to implement investment projects efficiently; capacities which are currently very weak, as is evident from the poor implementation record of many donor funded projects.
BIS central bankers’ speeches  7  literature is the importance of time variation in the risk premiums (or expected returns) on a wide range of assets. At the same time, canonical macro models in the New Keynesian genre of the sort that are often used to inform monetary policy tend to exhibit little or no meaningful risk premium variation.