in the City of New Haven,

也许不是本能的第一反应
is to think of that recession in a traditional ISLM curve,

把经济衰退用传统的IS-LM曲线来考虑
with the IS curve and the LM curve

即通过由产出水平和短期利率所决定的
being plotted in a space determined by the level of output

IS曲线和LM曲线
and the short term interest rate.

利用平面作图进行表述
In that formulation, it is clearly an IS shock.

在这个公式中很明显是产品市场[IS]失衡
The level of output declines;

产出水平下降
the level of interest rates decline as well.

利率水平也下降
An alternative formulation

还有一个公式
and a formulation that is probably more

一个可能更能体现
in the spirit of Yale economics

耶鲁经济学精神的公式
is to think of the ISLM diagram as having been drawn in a space

即认为IS-LM的图形一直被描绘于