Concern about sluggish growth and poor productivity is now high on the political agenda across the developed world. Yet the debates around the UK Budget and the US presidential election have failed to touch on one of the most important factors behind this trend, namely a monetary policy over-focused on near-term inflation targets and too little concerned with developments in credit and debt markets.
對于發達國家而言，對經濟增長疲軟和生產率低下的擔憂如今已經成為政治議程上的重要議題。然而，圍繞英國預算(UK Budget)和美國總統選舉的討論未能觸及這一趨勢背后最重要的因素之一，即貨幣政策過于關注短期通脹目標，而對信貸和債務市場的發展關注不足。
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