In an emerging economy with rapid productivity growth the real exchange rate should rise over time, through either higher inflation or a rise in the nominal exchange rate.

在一个生产率迅速增长的新兴经济体国内，其实际汇率也会随着时间的推移而上升，方式则可能要么通过高通货膨胀率，要么就是名义汇率的上升。

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M3 rose by 11.5% in the year to January, nearly three times as fast as the 4% or so rate of nominal GDP growth that is consistent with 2% inflation.

M3比1月份上升了11.5% %，这差不多是在名义GDP大约以4%增长且通胀应维持在2%的时候的三倍速度。

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But obviously the Fed is constrained once nominal rates hit zero, and so the economy returns to its trend growth rate but never recovers the ground lost during the financial shock.

但很明显，一旦名义利率下降到零美联储会受约束，因此经济恢复到趋趋向增长率，但不会在金融冲击下恢复所受损失。

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So a 3.2% nominal growth rate in wages and salaries translates into virtually no growth after inflation.

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If you have 5% inflation along with 3% real growth, you get a nominal growth rate of 8%.

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In theory the natural rate will tend towards the expected nominal growth rate of the economy, so you want to keep that at zero.

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