来自《耶鲁大学开放课程：金融市场第25集第25集》

and the associated great moderation.

之间的联系变得非常紧密
Whether or not we can accept that idea

不管你如何质疑这个观点
as to why financial crisis seems to have been

比如说为什么这次衰退是金融危机引起的
the cause of previous recessions where it was not previously,

而上一次衰退又不是金融危机引起的
the empirical observation stands that

经验观察却证明了
financial crises are frequent and that not infrequently,

金融危机频繁发生并且经常地
when there is a financial crisis,

只要有金融危机
it leads to some significant

就会给真正的经济活动
disruption in real economic activity.

带来一些严重的破坏
It follows that the causes of financial crisis

结果便是我们比之前花更多精力
and the policy response to financial crisis

从宏观经济的角度来考虑
need to occupy a larger part of our consideration

金融危机的起因