Weak productivity growth has puzzled economists and policymakers but it doesn’t seem to have hurt investors: the period 2009-2016 might even be called “the Goldilocks Slump”. Ample slack in job markets ensured little bargaining power for workers, whilst central banks battled deflationary impulses with a combination of low (or negative) rates and asset purchases. The net effect has been falling real yields and tight risk premiums.
生产率增长疲软正困扰着manbetx20客户端下载 学家和政策制定者，但似乎并未打击投资者：2009至2016年的这段期间甚至可以被称为“金发女孩低迷”(Goldilocks Slump)。就业市场供应充足使得劳动者几乎没有议价能力，同时各大央行以低利率（甚至负利率）和购买资产的组合拳来对抗通缩压力。这一切的净效应是实际收益率下滑和风险溢价偏紧。
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