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As long as all interest rates move in tandem – including the rate of return on paper currency – economic theory suggests no important difference between interest rate changes in the positive region and interest rate changes in the negative region. Indeed, in standard models, only the real interest rate and spreads between real interest rates matter. Thus, in most respects, negative interest rate policy is conventional. It is only (a) what needs to be done with paper currency, (b) difficulties in understanding negative rates or (c) institutional features interacting with negative rates that make negative interest rate policy unconventional.

Metropolitan Problems is the end-product of one of the most dynamic research programmes of its kind ever conceived and executed. The book, which took three years to complete, represents the culmination of a two year study that was highlighted by a conference held in toronto in 1967. In the early 1960s, the bureau of Municipal Research (in metropolitan Toronto) decided that a significant way for it to celebrate Canada's centennial would be to initiate a systematic international study of the world's metropolitan areas. The study, with the official cooperation of the United Nations, was