Raghuram Rajan: belief

Transcript context

…But will that show up in per capita income levels 10 years from now? So there’s a one-time shock. It’s like an investment — you move to a higher technology, you adjust. There’s catch-up growth, and maybe 13 years from now, you’re glad you have the new technology. Maybe. I think there are less harsh ways of creating that new technology. A number of people died standing in lines. A number of people — their firms closed down, their livelihoods went away. I think we can find smoother ways of actually getting people to use new payment systems than just eliminating the money overnight. But take, say, the US — money mattering. How much do you think is sticky nominal prices? And how much is credit channel, or how much is something else?…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.