Unfortunately for the Fed – and for the American economy – the Keynesian models turned out to be accurate; their forecasts of the costs of disinflation were dead on. Furthermore, this period of monetary tightening had unexpected consequences; financial institutions like Citicorp found that only regulatory forbearance saved them from having to declare bankruptcy, and much of Latin America was plunged into a depression that lasted more than five years.
对美联储——以及美国经济——来说，不幸的是凯恩斯主义模型才是对的；它们关于不通胀（disinflation）的代价的预言完全正确。此外，这一货币紧缩期带来了预料外的后果；花旗集团等金融机构发现，救它们于破产的完全是监管宽容（regulatory forbearance），许多拉美国家陷入了长达五年以上的萧条。