But real interest rates did not fall enough, because nominal interest rates cannot go below zero. By increasing inflation, the Fed would turn real interest rates seriously negative, thereby coercing thrifty households into spending instead of saving.
总需求的一大重要源头已经蒸发殆尽。随着消费者不再买东西，真实（经通胀调整的）利率应该下降以鼓励节俭家庭增加支出。但真实利率没有降到位，因为名义利率不可能低于零。美联储可以通过增加通胀率将真实利率拉低到远低于零的水平，从而强迫节俭家庭停止储蓄、开始消费。随着需求的增加，企业将开始招聘新人，一切都睡随之好起来。