is best thought of as the Federal Reserve tightening money,

最好的例子是美联储紧缩银根
which represents some kind of leftward movement of the LM curve--

使得LM曲线略微左移
that output declines and interest rates rise

这种情况下产出下降利率上升
and that that's the proximate shock

所产生的直接冲击
that is bringing about the recession.

带来经济衰退
That it turns out to be a matter of semantic ambiguity--

如何在简单的宏观经济模型下
how to think about a financial crisis recession

考虑金融危机型经济衰退
in the context of a simple macroeconomic model.

最终变成了语义上的模棱两可
Everybody agrees on the movement of three variables in such a recession.

我们大家都赞同该类经济衰退下
Output goes down; q goes down;

三个变量的变动即产出和Q值下降
and short-term interest rates go down.

并且短期利率也下降
One instinct, which is probably not the first instinct

在耶鲁大学大家会本能地反应