网络释义
A second argument Krugman makes is that Europe, too, had bubbles; the European Central Bank (ECB), meanwhile, was less aggressive than the Fed, so monetary policy could not be responsible. It is true that the European Central Bank was less aggressive, but only slightly so; it brought its key refinancing rate down to only 2 percent while the Fed brought the Fed Funds rate down to 1 percent. Clearly, both rates were low by historical standards. More important, what Krugman does not point out is that different European economies had differing inflation rates, so the real monetary policy rate (that is, the difference between the nominal rate and inflation, reflecting the return investors get in purchasing power, which is what they care about) was substantially different across the Eurozone despite a common nominal policy rate. Countries that had strongly negative real policy rates -- Ireland and Spain are primary exhibits -- had a housing boom and bust, while countries like Germany with low inflation, and therefore higher real policy rates, did not. Indeed, a working paper by two ECB economists, Angela Maddaloni and José-Luis Peydró, indicates that the ultra-low rates by both the ECB and the Fed at this time had a strong causal effect in relaxing banks' commercial, mortgage, and retail lending standards over this period.
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The balls reflected each other, too, so they looked as if they had bubbles inside them.
球球们也互相反射，所以它们看起来就像里头有好多泡泡。
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The thermometer had three red bubbles, the tap in the corner sink dribbled tearfully, and, when I tried to recharge my phone, the socket just sizzled and promptly cut out.
温度计里有三个红色的气泡，角落上的水盆龙头放出的水像眼泪一样滴滴答答。我想给手机充一下电，电源插口先是吱吱作响，随后即刻停了电。
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Both had huge housing bubbles, which burst painfully.
两地都发生了巨大的住房泡沫，后来都出现痛苦的泡沫破裂。
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The Maya poured the chocolate drink back and forth between two containers so that the liquid had a layer of bubbles,or foam.
VOA: special.2010.02.17
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I wish the Fed had behaved better they didn't seem to recognize the bubbles that we had in the stock market in the '90s and the housing in the 2000s.
从某种意义上说，我希望,政府没有发现出来,九十年代的股票市场泡沫,和新世纪房地产的泡沫。
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