But short of such a negative supply-side shock, is global stagflation possible? Between 2004-2006 global growth was robust while inflation was low, owing to a positive global supply shock – the increase in productivity and productive capacity of China, India and emerging markets.
但是缺少这种负向供应冲击，全球滞胀可能发生吗？在2004-2006年间，由于有正向全球供应刺激－中国、印度以及新兴市场的生产率提高和产能扩张，全球经济增长强劲但是通货膨胀水平却很低。