这三位经济学家跟踪观察了新英格兰的大量次级借贷者，并掌握了他们的详细信息，包括他们抵押贷款的期限和还款历史。
The economists tracked down a large number of subprime borrowers in New England on whom they already had detailed information, including the terms of their mortgages and their repayment histories.
迄今为止，观察过次级抵押贷款者还款规律的经济学家都指出，当房产价格达到顶峰并开始下滑时，并不是所有的次级借贷者都违约。
Yet economists who have looked at the pattern of payments on subprime mortgages point out that even when house prices topped out and then began to fall, not all subprime borrowers defaulted.
“金融风暴所到之处，一片狼籍”，曾经一度观察金融危机的旧式经济学家阿尔弗雷德·马歇尔这样说道，“当它结束的时候，人们将会非常平静，但是是那种愚蠢的，沉重的寂静。”
"The commercial storm leaves its path strewn with ruin," Alfred Marshall, a Victorian economist, once observed of financial crises. "When it is over, there is calm, but a dull, heavy calm."
一个接近他的观察员说经常看他带着《经济学家》虽然他谴责帝国主义分子，但他对英国的传统却是几乎是卑躬屈膝。
One close observer says he is often seen with The Economist. Despite his diatribes against imperialists, he has an almost fawning respect for British tradition.
城市经济学家会比以往更加仔细地观察利率是否会升降，以及何时会升降的线索和征兆了。
The City will scrutinise this even more closely than usual for clues about if and when rates will rise again.
而且，通过观察还有其他哪些人进行了类似的交易，三位经济学家就能知道哪些人在类似时间拥有类似信息。
And by looking at who else makes similar trades, they can draw conclusions about who has similar information at similar times.
但是越来越多的经济学家和工业观察家说，我们需要一个新的方向。
But a growing number of economists and industry watchers say we need a new direction.
经济学家乐于用群体行动、特别是经济力量影响的观点来观察历史记录。
Economists tend to look at the historical record from the standpoint of group action and especially the impact of economic forces.
今天早些时候，《市场观察》报道说美国的首席经济学家奈杰尔说他现在相信美国经济在衰退。
Earlier today, MarketWatch reported that Nigel Gault, U. S. chief economist for Global Insight, now believes the U. S. economy is in a recession.
经济学家密切观察零售销售，因为消费者需求驱动着大多数美国经济活动。
Economists watch retail sales because consumer demand drives most U. S. economic activity.
当研究经济增长时，他们观察单个国家或者做跨国的宏观经济研究（有点像流行经济学家），但他们无法做像药物试验一样的经济学实验。
When studying growth, they put individual countries under the microscope or conduct cross-country macroeconomic studies (a bit like epidemiology). But they had nothing like drug trials.
当研究经济增长时，他们观察单个国家或者做跨国的宏观经济研究（有点像流行经济学家），但他们无法做像药物试验一样的经济学实验。
When studying growth, they put individual countries under the microscope or conduct cross-country macroeconomic studies (a bit like epidemiology). But they had nothing like drug trials.
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