When the money rate was below the natural rate, there would be an incentive to borrow to invest and credit would expand, pushing up prices. The reverse occurred in the case where the money rate rose above the neutral rate. This was known as Wicksell’s ‘cumulative process’.
Chapter 16 (“The Agony of Peace”, ger. “Die Agonie des Friedens”) in Zweig (1942). 9 c.f. Flash-Eurobarometer 502, May 2022. This survey was conducted between 22 February and 4 March 2022. 37% of all respondents mentioned the “preservation of peace, the reinforcement of international security and the promotion of international cooperation” as their most important expectation. 4  References Flash-Eurobarometer 502 (2022).