Deflation had killed the appetite for risk. 通货紧缩杜绝了人们冒险的欲望。
Gesell argued that a higher velocity of money helps combat deflation. 格塞尔表明,更快的货币流通速度有助于打败通货紧缩。
They are a special case which will be discussed later.Our focus will be mainly on seigniorage from notes, which is quite different from the case of commodity money. 但对于前者由于资产和负债是同时增加的,并且数额相等,在货币投放时,政府并没有纯收入。