Second, expansionary US fiscal policy should also push up US real rates, first by adding a risk premium to our debt, and second, by increasing US dis-saving relative to investment.

• 第二，美国的扩张性财政政策也会推升其实际利率，因为此政策首先提高了美国国债的风险升水，而且增大了相对于投资的储蓄缺口。