Essentially, the world witnessed a large positive productivity shock emanating from the emerging markets, which accelerated world growth while reinforcing disinflationary pressures that had already been set in motion by the so-called Great Moderation in business-cycle volatility. This key development helps to reconcile two of the three major global developments: faster growth and lower inflation.
本质上，世界经历了来自新兴市场的大规模正向生产率冲击，这一冲击在加速全球增长的同时加强了通缩压力。而通缩压力本已因为所谓的商业周期波动性“大稳健”（Great Moderation）而产生。这一关键发展趋势有助于协调三大全球发展趋势中的两个：增加加速和通胀下降。