We now know that canonical macroeconomic models do not adequately allow for financial-market fragilities, and that fixing the models while retaining their tractability is a formidable task. Frankly, had the models at least allowed for the possibility of credit-market imperfections, the Fed might have paid more attention to credit-market indicators as a reflection of overall financial-market conditions, as central banks in emerging-market countries do.
我们现在知道标准的宏观经济模型并没有考虑到金融市场的脆弱性，而既要修复模型又保留其可追溯性则是一项艰难的工作。坦白说，如果这些模型能考虑到信贷市场不完美的可能性，作为对整体金融市场条件的反映，美联储就可能会更多地关注信贷市场指标，就像新兴国家央行所做的一样。