The world’s major developed economies are not suffering from cyclical deficiencies in aggregate demand that are amenable to a monetary cure. As the Bank for International Settlements correctly points out, they are still struggling in the aftermath of wrenching balance-sheet recessions.
这并不令人奇怪。世界主要发达经济体并没有遭遇可以通过货币政策解决的总需求的周期性不足问题。国际清算银行正确地指出，它们仍在猛烈的资产负债表衰退的残局中挣扎。