As the debate rages over who the next Federal Reserve chairman will be, it seems Ben Bernanke’s legacy will not just be that he saved the world from financial calamity five years ago: he is also likely to bequeath stagflation, or at least a mild form of it. It is not possible to keep real short-term interest rates negative for this long in the face of even modestly positive real economic growth without generating financial imbalances and inflationary excesses down the road.
在人们热议谁将出任下任美联储(Fed)主席之际，现任美联储主席本•伯南克(Ben Bernanke)的遗产看上去将不仅包括他从5年前爆发的金融灾难中拯救出来的世界，还有可能包括滞涨，或者至少是温和的滞涨。即便是在实际manbetx20客户端下载 增长率只略高于零的情况下，在如此长时间保持实际短期利率为负值的过程中，不导致金融失衡和通胀过度也是不可能的。
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