These are, of course, the same mechanisms that the Fed has targeted for almost three years in its own efforts to stimulate higher growth in the US. The macroeconomic outcomes have consistently fallen short of expectations, and there is reason to believe that it will be even more difficult in Japan for monetary policy alone to gain sufficient traction.
当然，这些与美联储近三年来刺激美国经济更高增长的机制是一样的。宏观经济产出一直低于预期，而我们有理由相信日本仅靠货币政策来刺激经济要困难得多。