Energy policy could also play an important role in counteracting both depression and deflation.

在抗击萧条和通缩的过程上，能源政策也可以发挥重要作用。

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The Federal Reserve is pursuing a policy of inflation out of an erroneous fear of deflation.

出于对通货紧缩的过度担忧，美联储正在执行会导致通胀的政策。

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The finance ministry blames the bank of Japan for failing to tackle deflation. The central bank blames lax fiscal policy for the country's debt.

财务大臣谴责日本银行未能解决通货紧缩，而央行则怪罪针对国家负债的宽松财政政策。

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If driving rates down to zero was, above all, a measure to combat deflation, the policy should be abandoned only when the threat of deflation is lifted.

ECONOMIST: Sermons from the governor | The

The lesson from Japan is that, if there is the slightest risk of deflation, monetary policy needs to be looser than warranted by current economic conditions.

ECONOMIST: Euro-area economies

Most serious of all, deflation can make monetary policy ineffective: nominal interest rates cannot be negative, so real rates can get stuck too high.

ECONOMIST: Could it happen again?