来自《耶鲁大学开放课程：金融市场 第26集 第26集》
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how much of that instrument one is applying,政策工具的效力 -
because one is uncertain about因为没有人知道 -
what the multiplier of that instrument is,政策工具的乘数有多大 -
and because in the current context因为在当前的背景下 -
there are reasons to be concerned需要对过低利率所带来的 -
about the pernicious side effects of excessively low interest rates.负面影响引起关注 -
Two stand out. The first--负面影响有两点 第一 -
while in general I am very much with the Keynesian consensus that大体上我同意凯恩斯的观点 -
the inflation process depends upon aggregate demand,即通货膨胀的取决于总需求增加 -
in the current context,但在当前的情况下 -
lower interest rates may well contribute directly低利率同样也可能通过 -
to the inflation process through their impact on the dollar其对美元和商品价格的影响