当泡沫破裂并将失衡的经济打入资产负债表衰退时，以通胀为目标的央行已经黔驴技穷 — — 这让它们迅速进入了零利率和量化宽松的流动性注入等未知领域。
When the bubbles burst and pushed unbalanced economies into balance-sheet recessions, inflation-targeting central banks were already low on ammunition – taking them quickly into the murky realm of zero policy rates and the liquidity injections of quantitative easing.