Testimony of Chairman Alan Greenspan Monetary policy and the economic outlook Before the Joint Economic Committee, U.S. Congress April 17, 2002 (excerpt only see end of paragraph)Improved profit margins over time and more assured prospects for rising final demand would likely be accompanied by a decline in risk premiums from their current elevated levels toward a more normal range. With real rates of return on high-tech equipment still attractive, the lowering of risk premiums should be an additional spur to new investment. Reports from businesses around the country suggest that the exploitation of available networking and other information technologies was only partially completed when the cyclical retrenchment of the past year began. Many business managers still hold the view, according to a recent survey of purchasing managers, that less than half of currently available new and, presumably profitable, supply-chain technologies have been put into use.
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