来自《耶鲁大学开放课程：金融市场 第26集 第26集》

• 
  
  and would also be lost output without substantial disinflation benefit
  而且不会带来明显的反通胀效果
• 
  
  because the lost output would not come in a way that
  因为减少产出不会
• 
  
  created lots of goods hanging over markets
  创造大量商品来充斥市场
• 
  
  that led to declines in prices.
  从而导致价格下跌
• 
  
  The benefit, in terms of disinflation,
  就反通胀而言
• 
  
  of a downturn induced by the inability to make a phone call
  以无法拨打电话导致行业滑坡为代价
• 
  
  would be much less than the benefit of a similar loss of output
  所带来的好处远低于以标准的财政政策
• 
  
  achieved through the more standard tools of fiscal and monetary policy.
  和货币政策造成类似损失所带来的好处
• 
  
  I emphasize this last point
  我强调这最后一点
• 
  
  because it connects with the observation
  是因为它与我昨天开始观察的数据
• 
  
  with which I began yesterday--
  有联系
• 
  
  that declines in output associated with financial crisis recession,
  即产出的下降与金融危机型衰退有关