As global markets continue to see-saw on the verge of another recession, central banks across the world face a difficult balancing act of monetary policy.

随着全球市场继续在另一场萧条的边缘摇摆不定，全球各国央行都面临着艰难的货币政策平衡行动。

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Consider the three ingredients for recession: a credit crunch, tighter fiscal policy and a dearth of confidence.

衰退的三个要素分别是：信用崩溃、更加紧缩的财政政策，以及信心的死亡。

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Once again, much of this debate is over use of macroeconomic policy tools: should one tighten or loosen fiscal policy in a recession?

这场辩论主要又是围绕宏观经济政策工具的应用：在衰退中应该收紧、还是放宽财政政策？

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The idea that emerged the memory of the '81-82 recession is very strong in our imagination because we think that it was caused by lax monetary policy by liberal thinking by the soft-hearted liberals who just didn't want to create any pain and suffering.

出现的观点,在我们的想象中,81-82年的经济衰退很严重,因为我们认为它是由于,松懈的货币政策，不拘一格的思想,那些仁慈的不想制造任何痛苦和疲劳的,自由主义者引发的。

耶鲁公开课 - 金融市场课程节选

As I said a few weeks ago, we should not experience a double-dip recession absent policy mistakes.

FORBES: The Deflation Question

In this rare type of recession, monetary policy is useless because people with negative equity will not borrow, no matter what the interest rate.

ECONOMIST: On the debt crisis, Egypt

The two measures thus agree on recent history: government has shrunk over the past three years as the economy has slowly recovered from the Great Recession and government policy responses have faded.

FORBES: Has The U.S. Government Gotten Bigger Or Smaller? Yes.