The inflation pessimists worry that the government will actually choose a policy of faster price growth to reduce the real value of the government debt. But such a strategy can work only in countries where the duration of the government’s debt is long and the interest rate on that debt is fixed.
通胀悲观者还忧虑政府将实施一个引导价格更快增长的政策，借以减少政府负债的实际价值。但这种政策只能在那些政府债务期限较长，且债券利率固定的国家起作用。这是因为通胀率会导致新债务的利率同步增长，相应带来的更重利息支付负担又增加了国家负债，抵消了由更高通胀所导致的现有债务实际价值下降。