Inflation would do little for entities with floating-rate liabilities (including the many households that borrowed towards the peak of the boom and are most underwater) or relatively short-term liabilities (banks). Even the US government, with debt duration of about four years, would be unlikely to benefit much from an inflation surprise, unless it were huge.
接着考虑这个问题：通胀疗法真的能像宣传的那样有效吗？通胀对负有浮动利率债务者（包括大量在繁荣期顶峰借钱、目前已身处资不抵债状态的家庭）和债务期限相对较短者（银行）影响甚微。即使是债务久期在4年左右的美国政府，也未必能从通胀惊奇（inflation surprise）中捞到多少好处，除非通胀能有非常大的升高。与此同时，美国政府债务的大部分来自社会保障和医疗保障支出，这部分支出可不会因通胀而缩水。