Many a recession has been catalyzed or amplified by monetary-tightening cycles; former US Federal Reserve Chairman Alan Greenspan was christened the “maestro” in the 1990s, because he managed to slow inflation and maintain strong growth simultaneously. The idea that controlled tightening is easier in a more centrally planned economy, where policymakers must rely on far noisier market signals, is highly questionable.
想想市场经济实现软着陆有多么困难。许多衰退是由货币紧缩周期催生或放大的；前美联储主席艾伦·格林斯潘（Alan Greenspan）在20世纪90年代获得了“大师”（maestro）的美誉，因为他成功地降低了通胀并同时维持了强劲的增长。有控制的紧缩在中央计划性质更浓厚的经济中更容易（在这类经济中，决策者必须依靠噪声更多的市场信号），这一思想问题多多。