A more serious objection is raised by Julian Jessop of Capital Economics.
研究资本经济学的Julian Jessop提出了一个更为严肃的反对观点。
2
For small changes in interest rates, says Mr. Jessop, the income effect may dominate, but for large changes the substitution effect may be more important.
Jessop先生说，对于小的利率变化，收入作用占优势，但是大的利率变化下，替代作用则是重要的。
3
Julian Jessop, economist at Capital Economics, predicts that December's Tic data represent a brief pause before China's purchases of Treasuries resume.