As in the past, much of this opposition is driven by the distributional impact of changes in the pattern of production, but other concerns have been expressed as well - for example, about the effects of global economic integration on the environment or on the poorest countries. What, then, is new about the current episode?
Since a larger share of deposit rates are fixed than are loan rates, this will overstate the effect on cash flows over longer time horizons, though the extent of this bias has not necessarily changed over time in an obvious way. 13  Jacobs D and A Rush (2015), ‘Why is Wage Growth So Low?’, RBA Bulletin, June, forthcoming.