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.
如果事實證明美聯準(Fed)近年來吹起了一個資產價格泡沫，那麼我們其實可以鬆一口氣。對美聯準和其他央行來說，這種結果當然意味著它們犯了一個十分丟臉的錯誤，但它同時也意味著，一些更令人沮喪的擔憂——包括那些貼著「長期停滯」(secular stagnation)標籤的擔憂——也是錯誤的。
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