The US experience argues against a policy of leaving interest rates at their low point for long periods in order to achieve a long expansion.
Diagram 2 US Federal Funds Rate During Current Expansion %  %  8  8  6  6  4  4  2  2  0  l  l  1992  l  l  1994  l  l  1996  l  l  1998  l  2000  0  There is another argument I want to address before concluding.