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长期正常真实利率可视为实体经济的突生性质(emergent property)。从投资和储蓄的角度讲,经济均衡即低安全真实利率(它为投资者提供了低成本信用)所带来的好处与高真实利率(它意味着储蓄者回报较高)所带来的好处之间达到平衡。

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  1. elerian122_Peter MacdiarmidGetty Images for Somerset House_bigdatascreentechman Peter Macdiarmid/Getty Images for Somerset House

    Adapting to a Fast-Forward World

    Mohamed A. El-Erian

    The world is going through a period of accelerating change, as four secular developments illustrate. Firms and governments must make timely adjustments, not only to their business models and operational approaches, but also to both their tactical and strategic mindsets.


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