She states that only the last two channels can clearly push up the natural rate of interest. 5  throughout the history of monetary economics, but many issues remain unresolved. I want to center my discussion around classical figures in the history of monetary economics, mainly David Hume and Henry Thornton (Chart 7).
With regard to final demand, while the decline in business fixed investment has almost come to a halt, private consumption continues to be weak. Moreover, housing investment remains sluggish and public investment is declining. While signs of recovery are still not observed in domestic demand, exports are virtually level. The completion of the cutbacks in inventory stocks still underpins the increase in industrial production.