That, at any rate, is the theory; no one knows how it would work in practice. How high would the Fed – or the ECB, for that matter – have to raise the interest rate on deposits to prevent excessive growth in bank lending?
无论如何，这只是理论上的结论；没人知道实际中会使怎样。美联储——同理，也包括欧洲央行——需要把存款利率提高到何种程度才能阻止银行贷款的过度扩张？如果利率需要提高到4%、6%甚至8%，情况将会怎样？美联储或欧洲央行会把存款利率提高到如此高度吗？还是说，它们将允许贷款快增长并带来潜在通胀威胁？