In addition to tempering debt problems, a short burst of moderate inflation would reduce the real (inflation-adjusted) value of residential real estate, making it easier for that market to stabilize. Absent significant inflation, nominal house prices probably need to fall another 15% in the US, and more in Spain, the UK, and many other countries.
这就把我们带回了通货膨胀这一选择。除了缓解债务问题之外，短期内发生温和通胀能降低住房的真实（调整通胀后）价值，使房地产市场更容易稳定下来。如果没有发生重大的通货膨胀，美国的名义房价可能还要再下跌15％，对西班牙、英国和很多其他国家来说，要下跌得更多。如果通货膨胀上升，名义房价就不需要跌那么多了。