Partly as result of such entrenched deflation, and the associated waning of risk appetite, nominal GDP in Japan is at its lowest level since the first quarter of 1991.
目前,日本名义GDP处于自1991年第一季度以来的最低水平,部分原因就在于如此根深蒂固的通缩,以及风险偏好的相应减弱。
It notes that global interest rates are still well below nominal GDP growth (see chart), whereas throughout the inflation-busting 1980s and 1990s they were mostly higher.
它注意到全球利率水平仍低于名义GDP增长率,而在通胀盛行的80年代和90年代,利率通常是更高的。
On that basis Mr White thinks the Fed was right to pursue the first round of quantitative easing, since nominal GDP was falling, but wrong to pursue a second round with activity recovering.
有基于此,怀特认为联储在名义GDP下跌时实行第一轮量化宽松是正确的,但当金融活动开始复苏后开始第二轮量化宽松就是错误的了。
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