One problem is that most people think we are always in the short run. No matter how many times you teach students that tight money raises rates in the short run (liquidity effect) and lowers them in the long run (income and Fisher effects), when the long run actually comes around they will still see the fall in interest rates as ECB policy "easing". And this is because most people think the term "short run" is roughly synonymous with "right now." It's not. Actually "right now" we see the long run effects of policies done much earlier. We are not in an eternal short run. That's the real problem with Keynes's famous "in the long run we are all dead."

Scott Sumner