And that is precisely the goal of negative interest rates: In a world where supply outstrips demand and too much saving chases too few productive investments, the equilibrium interest rate is low, if not negative. Indeed, if the advanced economies were to suffer from secular stagnation, a world with negative interest rates on both short- and long-term bonds could become the new normal.
当然，假以时日，负名义和真实回报可能导致储户更少储蓄、更多支出。而这正是负利率的目的：在供过于求并且太多储蓄追逐太少生产性投资的时期，均衡利率即使非负也十分低。事实上，如果发达经济体因长期停滞而受损，短期和长期债券利率均为负也许将成为新常态。