Gresham’s law needs a corollary. Not only does “bad money drive out good”, but “cheap” money may as well. Ultra low, zero-bounded central bank policy rates might in fact delever instead of relever the financial system, creating contraction instead of expansion in the real economy. Just as Newtonian physics breaks down and Einsteinian concepts prevail at the speed of light, so too might easy money policies fail to stimulate at the zero bound.
格雷欣法则(Gresham's Law)应该有一个推论：不但“劣币会驱逐良币”，“廉”币也会驱逐良币。接近于零的超低央行政策利率，实际上可能会使金融体系去杠杆化而非再杠杆化，使实体manbetx20客户端下载 萎缩而不是扩张。恰如牛顿物理学被颠覆、爱因斯坦提出的概念以光速占据统治地位一样，宽松货币政策在利率接近于零时可能真的无法起到刺激作用。
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