First, while a purely “Austrian” response (that is, austerity) to bursting asset and credit bubbles may lead to a depression, QE policies that postpone the necessary private- and public-sector deleveraging for too long may create an army of zombies: zombie financial institutions, zombie households and firms, and, in the end, zombie governments. So, somewhere between the Austrian and Keynesian extremes, QE needs to be phased out over time.
第一，尽管纯“奥地利学派”的（瘦身）方案主张强行戳破资产和信贷泡沫，容易导致萧条，显得过于严厉，但QE政策将私人和公共部门必要的去杠杆化阶段无止尽地拖延下去，也会造成一大批经济“僵尸”的恶果：僵尸金融机构、僵尸家庭部门和僵尸企业，最终，还有僵尸政府。所以，为了避免奥地利学派和凯恩斯主义的两个极端，QE需要逐步退出。