High-income economies have had ultra-cheap money for more than five years. Japan has lived with it for almost 20. This has been policy makers’ principal response to the crises they have confronted. Inevitably, a policy of cheap money is controversial. Nonetheless, as Japan’s experience shows, the predicament may last a long time.
高收入国家实行超级廉价资金政策已经5年多了。日本已经这样生活了近20年。这是政策制定者对他们面对的危机做出的主要回应。不可避免的是，廉价资金政策是有争议的。然而，正如日本的经历所显示的，这种局面可能会持续很久。
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