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。

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The recovery has brought a cautious welcome from the Pre-School Learning Alliance - particularly now that the education secretary is becoming directly involved.

BBC: Chasing pre-school targets

"This is a hope-for-the-best pre-Budget... not a cautious set of assumptions, " said BBC economics editor Evans Davis.

BBC: NEWS | Business | Brown promises a balanced budget

The cautious outlook weighed on Deere shares in pre-market trading.

FORBES: Deere Profit Strong To Start 2013, But Weather Could Dampen Later Results