In the last few years, it has become widely accepted that the global economy has been mired in a depressed condition that Lawrence Summers has called secular stagnation. Although this term was widely deemed to be too pessimistic when Summers first used it in 2013, it soon gained traction among central bankers, whether or not they chose to admit it. The equilibrium real interest rate, r*, was revised downwards almost everywhere. As a result, policy rates were held “lower for longer”, and global central bank balance sheets continued to expand rapidly.
过去几年里，manbetx app苹果 manbetx20客户端下载 陷入劳伦斯•萨默斯(Lawrence Summers)所说的长期停滞低迷状态的观点被广泛接受。虽然萨默斯于2013年首次提出这一观点时，人们普遍认为其过于悲观，不过，它很快就在各国央行人士中引起了一些共鸣，不论他们是否承认这一点。manbetx app苹果 几乎所有国家的均衡实际利率r *都被下调。其结果是，政策利率在“更长时间内保持在低位”，manbetx app苹果 央行的资产负债表继续快速膨胀。