In recent speeches and discussions with current and former central bankers, I have been criticized for focusing too much on the 0.9% trend of the past 21 quarters and paying too little attention to the 2% recovery phase of the post-crisis period. At least it’s a recovery, they claim, and a sign of healing that can be attributed mainly to the heroic, unconventional efforts of the US Federal Reserve.
这个关键点人人都看得到，唯有消费复苏派对此视而不见。在最近的演讲与现任和前任央行行长的讨论中，我被批太关注过去21个季度0.9%的增长趋势，而没有关注到危机后时期2%的复苏节奏。他们指出，这至少是复苏，也是走向健康的信号，其功劳主要来自美联储果断的非常规手段。