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全球债券市场对于20世纪70年代那种滞胀的担忧再度出现,并对这种可能性感到越来越焦虑。不过,目前的滞胀风险,与35年前带来沉重打击的滞胀风险大不相同。与上次的不同之处是,此次发达经济体的工资迄今与价格脱钩。这几乎消除了曾令人恐惧的工资-价格螺旋上升的自动指数化特征。工资-价格螺旋上升也许是20世纪70年代“大通胀”
Concerns over the kind of stagflation in the 1970s have reappeared in the global bond markets and have become increasingly anxious about this possibility. However, the current risk of stagflation is quite different from the risk of stagflation, which hit hard 35 years ago. The difference from the previous one is that the wages of the advanced economies have so far been decoupled from the price. This virtually eliminates the horrifying wage-automatic indexing of price spirals. Wage - The price spiral may be the 1970s “big inflation”