During the pre-crisis Great Moderation, restraining lending through regulatory tools probably would have worked, because it was unlikely to push the economy into deflation, as hiking interest rates would have done.
Durante la Gran Moderación previa a la crisis, restringir los créditos a través de instrumentos regulatorios probablemente hubiese funcionado, ya que difícilmente hubiese empujado a la economía a una deflación, como en el caso de un aumento de las tasas de interés.