Listen, the two periods in American history 1945 1890 to 1945 The economy suffers 3 contractions of 5 percent, 15% 2 of 10, and 2 of almost 15 percent.

听好，美国历史上的两大时期,第一时期是从1890到5,经济遭受过三次紧缩率为5%的经济紧缩，两次10%，还有两次高达。

斯坦福公开课 - 经济学课程节选

It wasn't caused by the Fed's sudden tightening against inflation. It was different it was this recession was not understood not anticipated; the Fed came in late to cut interest rates to try to prevent it from being worse because it just didn't seem to have any reason for happening.

它不是由于美联储对通货膨胀的,突然紧缩政策造成的，它不同之处在于,这个经济衰退没有被理解，没有事先准备好；,美联储试图阻止它恶化而,降低利率为时已晚，因为,它似乎看起来没有任何理由发生。

耶鲁公开课 - 金融市场课程节选