北大教授厉以宁就宏观经济问题对《经济日报》记者发表谈话:过分紧缩必然导致“滞胀”。如果增长的膨胀是下策的话,那么,停滞的膨胀是下下策。目前,由于银行信货控制过紧,流动资金短缺,出现“体外循环”。而在体内,则出现了粮食收购部门欠农民、农民欠供销社、供销社欠工厂、工厂欠银行的一个“债务链”。为什么过分紧缩会导致“滞胀”呢?厉教授认为,(1)由于过分紧缩大中型企业“死了”,是利水平低了,国家 Peking University professor Li Yining on the macroeconomic issues on the “Economic Times” reporter said: excessive tightening will inevitably lead to “stagflation.” If the expansion of growth is the worst, then the stagnant expansion is the next best thing to do. At present, due to bank credit control is too tight, liquidity shortage, the emergence of “cardiopulmonary bypass.” In the body, there was a “debt chain” owed by the grain purchasing department to the peasants, peasants owed to the supply and marketing cooperatives, the supply and marketing cooperatives owed to the factories and the factories to the banks. Why over-contraction will lead to “stagflation”? Professor Li believes that (1) due to over-tightening large and medium-sized enterprises “dead” is the level of profit is low, the state