If it turns out the US Federal Reserve has inflated an asset price bubble in recent years then we can breathe a sigh of relief. It would be a hideously embarrassing mistake for the Fed and other central banks, of course, but it would suggest that more dismal fears, including those that go under the label of “secular stagnation”, are wrong as well.
如果事實(shí)證明美聯(lián)儲(chǔ)(Fed)近年來(lái)吹起了一個(gè)資產(chǎn)價(jià)格泡沫，那么我們其實(shí)可以松一口氣。對(duì)美聯(lián)儲(chǔ)和其他央行來(lái)說(shuō)，這種結(jié)果當(dāng)然意味著它們犯了一個(gè)十分丟臉的錯(cuò)誤，但它同時(shí)也意味著，一些更令人沮喪的擔(dān)憂——包括那些貼著“長(zhǎng)期停滯”(secular stagnation)標(biāo)簽的擔(dān)憂——也是錯(cuò)誤的。
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