Cheap money stimulates demand. More demand encourages supply. So far, so very simple. But how quickly and how adequately extra demand is met on the supply side, or whether it spills over instead into price inflation, depends on real-world dynamics. Apply such principles to UK government policy in the housing market – where stimulus has come from increasingly generous FirstBuy, NewBuy and now Help to Buy programmes – and the conclusions are far from reassuring.
廉价资金刺激需求。需求增长则鼓励供应。这个道理很简单。然而，额外的需求如何在供应方面得到快速、充分的满足，还是渗透到价格通胀中，则依赖于现实世界的动态。把这些原则应用于英国政府的住房市场政策——需求刺激来自越来越慷慨的购房支持计划，包括首房购买支持(FirstBuy)、新房购买支持(NewBuy)和辅助购房计划(Help to Buy，HTB)，结果远不能让人放心。
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