All of these are true:
Iceland is being attacked by bankrupt bears
This is why you do not want to do that
Economists actually use the "percentage" buttons on calculators
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I really don't get the percentage button. And I _really_ don't want my economy controlled by people that seem to think using it makes a difference.
The post is a nice explanation, with quadratic equations, on how you can have bistability in markets as interests rate shift.
But, the equations mix percentages and real fractional returns - ie he types percentage values as constants, but the equations only make sense if the variables are numbers.
Took me a second to see that, because I was evaluating the variable as a real number and the percentage constants were inconsistent.
Makes perfect sense if you calculate the equations using business calculator "percentage function buttons".
Not that deLong needs to, but it speaks to some scary ingrained habits.