If the economy as a whole desires to deleverage, a depression ensues. It is then the central bank’s job to intervene in the banking system in order to push the market interest rate to the natural interest rate, thereby balancing the economy at full employment without excess inflation.
如果经济作为一个整体渴望增加杠杆，其结果便是通胀性繁荣。如果经济作为一个整体渴望去杠杆，就会发生萧条。于是，中央银行的责任就在于干预银行系统，从而将市场利率调整到自然利率，让经济平衡在实现充分就业又没有过度通胀的状态。