WHEN pundits worry about the distorting effects of cheap money on asset prices, they invariably single out the carry trade as a cause for concern.

当学者为低息贷款对资产价格的扭曲而感到担忧时，他们总是指出套利交易是应引起注意的一个原因。

youdao

youdao

However, when the excess burden of distorting the leisure-income trade-off is included, marginal tax rates of far less than 100 percent are optimal.

但是，如果把扭曲闲暇—收入替换关系的超额负担包括在内，大大低于100%的边际税率才是最适的。

youdao

Trade-distorting subsidies may rise so much, Europeans fear, that America will break its Uruguay-round commitments.

ECONOMIST: What happened to free trade? | The

America's trade-distorting support was already well below its permitted ceiling and had seemed likely to fall further.

ECONOMIST: What happened to free trade? | The

Contrary to received wisdom, slashing the rich world's trade-distorting subsidies has a relatively small effect on poor countries.

ECONOMIST: Weighed in the balance