The more cautious version of "output gap denial" is the view that the pre-crisis level of output was the result of bank-financed debt, and that much of it went for good with the credit crunch.

“否认产出缺口”的一种更谨慎的版本，是认为危机前那种水平的产出是银行放贷的结果，其中大部分已随信贷紧缩而一去不复返。

youdao

The more cautious version of "output gap denial" is the view that the pre-crisis level of output was the result of bank-financed debt, and that much of it went for good with the credit crunch.

“否认产出缺口”的一种更谨慎的版本，是认为危机前那种水平的产出是银行放贷的结果，其中大部分已随信贷紧缩而一去不复返。

youdao