In June, the PBOC announced that banks will be allowed to offer loans at interest rates up to 20 percent below the benchmark rate and be free to pay savers a rate up to 10 percent above the ceiling rate.
After various tests on the virtual prototype (such as making sure vital systems are insulated from lightning strikes), its ceiling, rate of climb and other handling characteristics are fed into a flight simulator.
On that last occasion, more than 65% of voters turned down an amendment that would have raised the interest-rate ceiling to 17%.
At about the same time, Mr Mundell wrote another paper whose citation rate has gone through the ceiling in the past few years.
Additionally, Congress should provide that when it next comes time to raise the debt limit, a super-majority vote of both Houses of Congress will be required to raise the debt ceiling by a percentage greater than the rate the economy is growing.
There will be no ceiling on how much of this low-interest-rate money banks can borrow from the Bank of England.
At the rate the country is going now, the country will hit the debt ceiling again at some point in the second half of 2012, just in time for Democrats and Republicans to blame each other in time for November elections.
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In the same month, consumer-price inflation picked up to 4%, the highest rate since the euro's launch and well above the ECB's target ceiling of 2%.
Simultaneously, the ceiling on bank deposit rates was raised to 1.1x from 1.0x the benchmark rate, and the floor for lending rates was lowered to 0.8x from 0.9x.
Now that the debt-ceiling fight is behind us, Americans find themselves back where they were before all the vitriol, with an unemployment rate that is still above 9 percent.
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