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英语翻译It means that the permanently achievable target for the

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英语翻译
It means that the permanently achievable target for the policy interest rate,on average overtime,is not strictly the trend inflation rate(let us suppose equal to a positive target inflation rate,achieved over the medium term).The interest target is then a somewhat higher rate.It is of no consequence for any element of the argument here,whether the permanently achievable real rate is zero,or0.25 percent---except that a positive real riskless rate would leave a positive real return on mere ownership of income-earning capital assets.Hereafter,we refer to this monetary policy simply as"cheap money",leaving aside whether this means a zero of very low real rate.In practice,as Keynes well appreciated,market expectations have to be moulded towards acceptance of cheap money,to the extent that the policy is more or less unprecedented;but this potential problem has much receded since the 1930s
不要机器 另外第一行应该是on average over time不是overtime 不好意思
我来给你个正确的翻译吧,没有在国外学过经济的人是不会翻译的,俺是国外金融专业的,在国外银行工作的淫,自认为翻译这个比较有权威,so 150 pionts for me?wahaha
这就意味着政策利率的永久可实现目标随着时间的增长,平均来讲并非严格意义上的趋势通货膨胀率(假设它是中期内可以达到的正数目标通货膨胀率).那么利率目标就有点高了.因此对于永久可达到的实际利率是否是0还是0.25的争论毫无意义,除非一个正数实际无风险利率能够对收益目的资产造成正数实际回报.因而我们称之为廉价货币政策,不管它在实际中是否是零利率或者更低的实际利率,正如Keynes(一个有名的经济学家)所推崇的那样,市场期望必须去接受廉价货币政策,这个政策多多少少几乎是到达前所未有的程度了,但是这种潜在问题从19世纪30年代以来基本不存在了.