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CRS- 1
ISSUE DEFINITION
A major question that arises in Congress during its considerations of what
policies promote and what inhibit the restoration of a healthy economy is the
influence that interest reates exert. In particular, are high interest rates
a threat to sustained economic recovery?
BACKGROUND
The level of interest rates is generally thought to be an important
determinant of the course of the economy. On the upswing of the business
Cycle it is typical for interest rates to rise eventually; first in response
to growing credit demands and then, in the latter stages of the expansion, in
response to restraint in the rate of growth of credit imposed by the monetary
authority as it moves to keep inflation in check. The dampening effect on
economic activity of a highgr level of interest rates sets the stage for
recession. Conversely, on the down-swing of the business cycle it is typical
for the level of interest rates to fall eventually as credit demands
inevitably retreat and as the monetary authority eases its grip on the supply
0f.credit. As interest rates decline they tend *to stimulate economic
activity, thereby serving to brake the economyls fall and eventually spurring
economic recovery.
It is this last role of interest rates -- fostering economic recovery --
which is germane to th.e current state of the U.S. economy. As the economy
struggles to recover from a protracted recession, there is considerable
Concern as to whether interest rates have fallen to a level, and Will remain
at levels consistent with sustained economic advance. Relatively high
interest rates are seen as hurting the prospects for economic recovery in
several ways. They dampen significantly the demand for highly
interest-sensitive output,
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