Most recently--A few years ago, we were living in a regime of negative real interest rates, when the Fed was pursuing a very aggressive monetary policy.

就在最近几年之前,我们生活在,负实际利率的政策中,当时美联储追求一种,非常激进的货币政策

耶鲁公开课 - 金融市场课程节选

To be fair, it certainly might be possible to create a monetary regime that is worse than the Fed.

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Adopting a convertibility rule, however, such as existed under the classical gold standard, would result in a forecast-free monetary regime.

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The rule is well suited to deal with divergent developments in different categories of assets, and of countries or regions under a common monetary regime.

ECONOMIST: Fixing the world economy