Monetary policy would have been more effective in the US had more attention been devoted to credit blockages –&#160;for example, many homeowners’ refinancing problems, even at lower interest rates, or small and medium-size enterprises’ lack of access to financing. Japan’s monetary policy, one hopes, will focus on such critical issues.
如果美国把更多的注意力放在信用渠道堵塞上——如大量屋主所面临的再融资问题（尽管利率已有所下降）和中小企业难以获得融资的问题，那么货币政策应该远比现在有效。希望日本的货币政策会专注于这些关键问题。