Our central challenges involve the questions of

我们要回答的几个关键问题是
how we define capital,

怎样定义资本
how we regulate capital, for whom we regulate capital,

怎样监管资本为谁监管资本
how we avoid pro-cyclicality.

怎样避免顺周期性
Until we know the answers to those questions,

在回答上述问题之前
it will be difficult to think intelligently about

我们没有办法
what the right bureaucratic structure of regulation is.

确定最优的监管架构
All of this is to suggest to the students here that

我说的这一切都是想告诉你们
the macroeconomics of the early twenty-first century

我们这个时代的宏观经济学
will be no less important

重要性绝不会次于
than the macroeconomics of the latter part of the twentieth century.

上世纪下半叶的宏观经济学
That macroeconomics has a good chance

宏观经济学