Thus, even as mounting job losses undermine consumption, housing prices, banks’ balance sheets, support for free trade, and public finances, the room for further policy stimulus is becoming narrower. Indeed, not only are governments running out of fiscal bullets as debt surges, but monetary policy is having little short-run traction in economies suffering insolvency – not just liquidity – problems.
因此，即使高企的失业水平会打击消费、房价、银行资产负债表、对自由贸易的支持以及公共财政，进一步出台刺激政策的空间正变得越来越小。说真的，债务高企不仅让政府打光了财政弹药，也使货币政策的短期效应大打折扣，因为折磨当前经济的不仅是流动性问题，更严重的是资不抵债的问题。更糟的是，从中期来看，货币超发将导致严重的通胀风险。