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。

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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。

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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(Julian Jessop)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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Ed Jessop, Vice President of the Faculty of Public Health said: ""These figures are encouraging.

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Alicia Jessop is a Colorado-based attorney and the founder of the sports law website RulingSports.com.

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Founded in Leicester in 1935 by Frank Jessop, the camera chain became the first High Street casualty of 2013.

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