Declining economic growth strengthens the temptation to loosen monetary policy. But in today’s deflationary environment, typical monetary expansion alone can do little to help the real economy, because the money either remains idle or fuels asset bubbles and capital outflows.
经济增长势头的减弱增加了放松货币政策的诱惑。但在当今通缩环境中，光靠典型的货币扩张是无法帮助实体经济的，因为钱要么闲置，要么助长资产泡沫和资本外流。