The Argument That Only One Market Lever Works

I think the short answer is yes, I think that there is absolutely an argument that this idea that only one market lever works. The longer answer is to say that raising interest rates has no effect on aggregate demand or credit demand, I think is wrong. If tomorrow the center of the center of Bank of Canada put interest rates to 15% and said screw you, we're holding them here,. Trust me, that would affect people's decisions. It's a very complex, multi-variant world that we live in. And if you raise interest rates in a world where, for example, household debts are extremely, extremely high...you have an acute impact.