日本银行认为，日本的持续通缩的一个重要原因是经济潜在增长率低和生产率低，货币量宽松政策未能解决这个问题。

The BOJ believes that a big cause of Japan's persistent deflation is the economy's low potential growth rate and low productivity, which quantitative easing fails to solve.

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除了货币供应量不足，美联储已经采取了很宽松的信贷方式。

Instead of a falling money supply, the Fed has taken an ultraloose credit stance.

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此外，在定量宽松政策实施时，“资本经济”的广义货币供应量(M3)的衡量标准降低了。

And Capital Economics' measure of broad-money supply (M3) fell while QE was in operation.

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