来自《耶鲁大学开放课程：金融市场 第25集 第25集》

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  and why does that happen?
  为什么会发生这些变化
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  The prevailing view about business cycles
  流行的观点认为
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  was that they were determined by monetary policy
  经济周期由货币政策决定
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  and what led to contractionary monetary policy
  而导致紧缩货币政策的
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  was either a mistake by the Fed
  要么是美联储的失误
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  or a necessary action by the Fed as inflation accelerated.
  要么是它应对高速通胀采取的必需的手段
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  It is interesting to contemplate that
  细想这个问题非常有趣
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  if one looks before or after what one might think of
  如果有人对奥肯时期的前后进行考察
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  as the Okun period and tries to give a simple account
  并试图对两个时期的经济周期运行
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  of what was behind the business cycles that took place,
  给出一个简单的解释
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  one offers a rather different kind of story.
  他会得出完全不同的结论
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  1907 is linked to a financial panic;
  1907年总是与金融恐慌联系在一起