As the debate rages over who the next Federal Reserve chairman will be, it seems Ben Bernanke’s legacy will not just be that he saved the world from financial calamity five years ago: he is also likely to bequeath stagflation, or at least a mild form of it. It is not possible to keep real short-term interest rates negative for this long in the face of even modestly positive real economic growth without generating financial imbalances and inflationary excesses down the road.
在人們熱議誰將出任下任美聯儲(Fed)主席之際，現任美聯儲主席本?伯南克(Ben Bernanke)的遺產看上去將不僅包括他從5年前爆發的金融災難中拯救出來的世界，還有可能包括滯漲，或者至少是溫和的滯漲。即便是在實際經濟增長率只略高于零的情況下，在如此長時間保持實際短期利率為負值的過程中，不導致金融失衡和通脹過度也是不可能的。
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