Rapid growth in nominal GDP means that asset prices do not need to fall so far to regain fair value, bad loans are easier to work off and excess capacity can be more quickly absorbed by rising demand.

名义GDP的快速增长意味着资产价格无需下调以回到均衡水平，坏账更容易被抵消，日益增长的需求也能迅速的吸收过剩的产能。

youdao

It is interesting to me that only two of the asset classes produced positive nominal returns in all three periods, that being 7-10 year Treasuries and of course T-Bills.

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As mentioned above, Bullard did say QE is a more direct, and preferable way, for the Fed to act (given nominal rates in the zero range and forward guidance as the other major tool), but said he sees asset purchases affecting labor markets in the same way as interest rate moves.

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