The whole point of that paper was that when you're up against the zero lower bound, it doesn't matter how much money you print - not unless you credibly promise higher inflation.

那篇文章的全部观点就在于当我们反对零成交下界的时候，你印刷多少钞票都无所谓，但除非你可信地给出了一个更高的通货膨胀预期。

youdao

The whole point of that paper was that when you're up against the zero lower bound, it doesn't matter how much money you print — not unless you credibly promise higher inflation.

那篇文章的全部观点就在于当我们反对零成交下界的时候，你印刷多少钞票都无所谓，但除非你可信地给出了一个更高的通货膨胀预期。

youdao

We conclude that, under a paper-money system, a determined government can always generate higher spending and hence positive inflation.

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