A few years later, the global financial crisis erupted, and these statements, once idle conjecture, became the basis for an urgent action plan. But one vital caveat was lost in the commotion: What works during a crisis will not necessarily provide sufficient traction for the post-crisis recovery – especially if the crisis has left the real economy mired in a balance-sheet recession.
几年后，全球金融危机爆发，伯南克的这些曾经只是空想的措施成了紧急行动计划的基础。但有一项关键警告在混乱中被忘记：在危机中奏效的措施未必能给危机后的复苏提供足够动力&mdash;&mdash;特别是如果危机让实体经济陷入资产负债表衰退的话。事实上，由于这样的衰退会制约货币政策的传导机制，因此不管是常规利率调整还是非常规流动性注入都不会在危机爆发、去杆杠化和资产负债表修复成为紧迫任务时产生多大作用。