Perhaps the case for moderate inflation (say, 4-6% annually) is not so compelling as it was at the outset of the crisis, when I first raised the issue. Back then, against a backdrop of government reluctance to force debt write-downs, along with massively over-valued real housing prices and excessive real wages in some sectors, moderate inflation would have been extremely helpful.
也许温和的通货膨胀（约为4~6%的年通胀率）的情况相对于危机最初爆发之时——即我首次提出这个问题的时候——并没有那么迫切。在当时的大背景下，政府不愿去强制减轻债务，房地产价格大幅高估而某些领域的实际工资过高，当时如果能有适当的通货膨胀，应该是帮助极大的。