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.
當央行允許利率接近或跌破所謂的“零下限”時，有些人顯然成了輸家。央行假定，按照貨幣政策理論，當利率降到更低時，家庭會借入更多的錢。現實情況卻是，“在較長時間里維持較低利率”的政策實際上會阻礙經濟強勁復蘇，因為它會使經濟不平等程度加重。
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