When central banks allow interest rates to approach, or fall below, what is quaintly termed “the zero lower bound” there are clear losers. Banks are presuming that households, obedient to monetary policy theory, will borrow more money at still lower rates. In fact, the reality is that “lower for longer” prevents a robust recovery because it makes economic inequality worse.
当央行允许利率接近或跌破所谓的“零下限”时,有些人显然成了输家。央行假定,按照货币政策理论,当利率降到更低时,家庭会借入更多的钱。现实情况却是,“在较长时间里维持较低利率”的政策实际上会阻碍manbetx20客户端下载 强劲复苏,因为它会使manbetx20客户端下载 不平等程度加重。
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