If Bernanke is right, going forward, housing cycles are likely to be smaller than they have been in the past, provided we have learned the painful lessons this housing downturn has taught.

如果伯南克是正确的，展望未来，只要我们能汲取本次房地产市场衰退的惨痛教训，未来美国房地产市场的衰退周期将短于过去的衰退周期。

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As he notes, this means that getting rid of inflation could be more painful for the economy than in the past - but it also means that the cost of keeping policy "too loose", in terms of higher inflation, could be a lot smaller than before.

BBC: Is the Bank of England doing enough?