If these debt-free savers are in New York City, which did not experience as much of a boom and a bust, cutting real interest rates will encourage spending on haircuts in New York City, which already has plenty of demand, but not in Las Vegas, which has too little. Put differently, real interest rates are too blunt a stimulus tool, even if they work.
如果这批无债务储蓄者生活在纽约市——那里并未经历大规模枯荣循环——那么真实利率的降低将能鼓励已然充足的纽约市理发支出，但不能鼓励严重不足的拉斯维加斯理发支出。换句话说，即使真实利率能起作用，作为一种刺激工具，它也不够精准。