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。
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。
Julian Jessop, economist at Capital Economics, predicts that December's Tic data represent a brief pause before China's purchases of Treasuries resume.
对于12月份的TIC数据，资本经济(Capital Economics)的朱利安·杰瑟普(JulianJessop)认为，中国只是稍微歇了口气，不久还会继续买入美国国债。
Julian Jessop, economist at Capital Economics, predicts that December's Tic data represent a brief pause before China's purchases of Treasuries resume.
对于12月份的TIC数据，资本经济(Capital Economics)的朱利安·杰瑟普(JulianJessop)认为，中国只是稍微歇了口气，不久还会继续买入美国国债。
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