For starters, central banks cannot deliver the structural components – for example, infrastructure investments, better-functioning labor markets, and pro-growth budget reforms – needed to drive robust and sustained recovery. Nor can they resolve the aggregate-demand imbalance – that is, the disparity between the ability and the willingness of households, companies, and governments to spend.
首先，央行无法给出带来持续强健复苏所需要的结构性要素——比如基础设施投资、运转更良好的劳动力市场和有利于增长的预算改革。它们也无法解决总需求失衡——即家庭、公司和政府的支出能力与支出意愿之间的差异。它们也无法消除阻碍新投资和增长的过度负债。