The report’s argument is that while the stated motivation for ultra-loose monetary policy might be to guard against deflation and promote economic growth at a time when demand is weak, low interest rates also help governments fund their debt very cheaply. Moreover, as we enter the eighth year of aggressive easing, unintended consequences are starting to appear – notably asset-price bubbles, increasing economic inequality (as wealthier investors able to hold equities benefit at the expense of small savers), and the risk of higher inflation in the future.
报告的观点是，极度宽松货币政策的公开动机可能是阻止通缩，在需求疲软时刺激经济增长，但低利率也有助于政府以非常低的代价为其债务融资。此外，激进宽松已经进入了第八年，意料外的后果开始显现——主要有资产价格泡沫、经济不平等性加剧（富裕投资者牺牲小储户获得股票收益）、未来高通胀风险等。