Gresham’s law needs a corollary. Not only does “bad money drive out good”, but “cheap” money may as well. Ultra low, zero-bounded central bank policy rates might in fact delever instead of relever the financial system, creating contraction instead of expansion in the real economy. Just as Newtonian physics breaks down and Einsteinian concepts prevail at the speed of light, so too might easy money policies fail to stimulate at the zero bound.
格雷欣法則(Gresham's Law)應該有一個推論：不但“劣幣會驅逐良幣”，“廉”幣也會驅逐良幣。接近于零的超低央行政策利率，實際上可能會使金融體系去杠桿化而非再杠桿化，使實體經濟萎縮而不是擴張。恰如牛頓物理學被顛覆、愛因斯坦提出的概念以光速占據統治地位一樣，寬松貨幣政策在利率接近于零時可能真的無法起到刺激作用。
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