Deflationary expectations can be transformed into inflationary expectations – thereby encouraging more spending – only by policies that induce shock and awe. Dramatic measures are needed to convince households and firms that the future will be different from the past.
通缩预期可以转变为通胀预期——从而鼓励增加支出。这只有通过制造震惊和畏惧的政策才能实现。需要大手笔措施让家庭和企业相信未来会不同于今日。欧洲央行需要让他们相信，如德拉吉在2012年7月所言，它会“竭尽全力”把经济带出通缩陷阱。