来源：《经济学人》
原文刊登日期：2021年4月10日
本文适合做完型填空的选文
One obsession unites the rich world: housing. In the past year billions of people have been cooped up inside their homes for hours on end. As restrictions have eased, house prices have started to go through the roof. In America prices increased by 11% in the year to January, their fastest pace in 15 years. In New Zealand prices are up by 22%.
有一件事把富裕国家联系在一起：住房。在过去的一年中，有数十亿人每天连续几个小时被关在家里。随着限制措施的放松，房价开始飙升。到今年1月，美国房价上涨了11%，是15年来的最快涨幅。新西兰的房价上涨了22%。
Home values, like the price of other assets, have been boosted by low interest rates and fiscal stimulus. Many households have spare cash sloshing around—savings rates have increased by more than half in the rich world—and borrowing has rarely been cheaper. Separately, covid-19 has caused a shift in demand away from big cities to housing in less crowded places. The expectation that commuting may no longer be daily has caused house prices in suburban locations to rise faster than in cities—reversing a decade-long trend.
与其他资产价格一样，房价也受到了低利率和财政刺激的提振。许多家庭有闲散的现金在四处流动——在富裕国家储蓄率上升了超过一半——借贷也少见地便宜。另外，新冠疫情导致住房需求从大城市转向不那么拥挤的地方。不再需要每日通勤的预期，导致郊区房价上涨速度快于城市，扭转了10年来的趋势。
Governments and central banks, haunted by the financial crisis of 2007-09 and aware of public unease about expensive housing, are worrying about exuberance. In New Zealand the finance minister has asked the central bank to “consider the impact on housing” in its monetary-policy decisions. Central bankers from Copenhagen to Ottawa have expressed concern at the pace of housing inflation. In recent years many municipal governments have implemented rent controls as knee-jerk responses to rising prices. Spain may follow at the national level. As attention turns from controlling the virus to the post-pandemic world, the pressure to step in is likely to grow.
各国政府和央行深受2007-09年金融危机的困扰，并意识到公众对高房价的不安，它们正担心楼市繁荣。在新西兰，财政部长已经要求央行在其货币政策决定中“考虑对住房的影响”。从哥本哈根到渥太华，各国央行行长都表达了对住房通胀速度的担忧。近年来，许多市政府都实施了房租控制措施，作为对房价上涨的下意识反应。西班牙可能会在国家层面效仿。随着注意力从控制病毒转向大流行后的世界，干预房价的压力可能会增加。
Policymakers in rich countries should resist. One reason is that house prices do not look as if they threaten financial stability. Although some people are wild for new properties, overall household borrowing remains restrained in the rich world. In contrast to 15 years ago, banks’ balance-sheets today have solid foundations. If house prices in America fell by one-quarter, its 33 biggest banks would still have 50% more capital than they had going into the crisis of 2007-09.
富裕国家的决策者应该抵制干预房价。一个原因是房价看起来并没有威胁到金融稳定。尽管一些人热衷于购买新房产，但富裕国家的整体家庭借贷仍然有节制。与15年前相比，如今银行的资产负债表有着坚实的基础。如果美国房价下跌四分之一，其33家最大的银行的资本金仍将比2007-09年危机时多50%。