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One innovation of the paper is that we treat agency and finance effects interactively.
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"To put this in context, dealing with the public finance effect would require at least an additional one or two years of 'austerity' – spending cuts or tax rises – at the same rate as we have experienced recently to get the public finances back to balance," he said.
"Dealing with the public finance effect would require at least an additional one or two years of 'austerity' — spending cuts or tax rises — at the same rate as we have experienced recently to get the public finances back to balance (should that remain the government's priority)," the institute said.
O'Neill sees finance as effect rather than cause, and the people who work in it as cogs in a bigger machine.
Because the market for Treasury debt is the largest and most heavily traded in the world, and because investors evaluate almost every other type of bond using a Treasury security as a benchmark, even the smallest change in the government's financing has effects at home and abroad.
The Capital Institute's mission is to transform finance to effect a more sustainable economy.
The Economist is a supporter but cheap money will work only if the medicine is administered properly and if governments change other things, too.The critics are right that cheap money has clearly had its biggest effect in finance, but its effect on other parts of the economy has not been as negligible as they suggest especially in America, where households have responded to lower borrowing costs.
The Obama campaign argues that it has come upon a better system of public financing, in effect.
Koch's unsure grasp of finances in effect made Deputy Mayor Philip Toia and Budget Director James Brigham first deputies.
Google's financing—in effect, a loan to the project is what pays for the initial cost of installing the solar panels on homes.
"The rules are stacked in their favor during this period -- that's the reality we face," he said of the requirement that any all-public financing take effect as soon as the candidate receives his party's nomination.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com