"Perverse incentives are only one reason that many of the hoped-for benefits of low interest rates did not materialise." (Joseph E Stiglitz)
Is "benefits" the head of the noun phrase "the hoped-for benefits of low interest rates"? Is "hoped-for", a verbal or adjectival (or both) modifier of "benefits" in the cited sentence?
Top answer
1. Yes. 2.
— GPY
1.
Yes.
2.
It is adjectival but derived from the past participle of the verb "hope" ("hoped-for benefits" = benefits that people hoped for).
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