If it turns out the US Federal Reserve has inflated an asset price bubble in recent years then we can breathe a sigh of relief. It would be a hideously embarrassing mistake for the Fed and other central banks, of course, but it would suggest that more dismal fears, including those that go under the label of “secular stagnation”, are wrong as well.
如果事实证明美联储(Fed)近年来吹起了一个资产价格泡沫，那么我们其实可以松一口气。对美联储和其他央行来说，这种结果当然意味着它们犯了一个十分丢脸的错误，但它同时也意味着，一些更令人沮丧的担忧——包括那些贴着“长期停滞”(secular stagnation)标签的担忧——也是错误的。
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