The Role of Policy in the Great Recession and the Weak Recovery
指出2007-2009年严重衰退和后续疲弱复苏源于过去十年糟糕的经济政策及未能实施好政策，货币政策、财政政策和监管政策变得更随意、干预性更强且更不可预测，导致整体经济表现不佳。
This paper reports on recent research showing that the severe recession of 2007-2009 and the weak recovery have been due to poor economic policies and the failure to implement good policies during the past decade. Monetary policy, fiscal policy, and regulatory policy became more discretionary, more interventionist, and less predictable in comparison with the previous two decades of better economic performance. At best these policies led to growth spurts, but were followed by retrenchments, averaging to poor performance. The paper also considers alternative views-that the equilibrium interest rate declined during the decade and that the seriousness of financial crisis caused the slow recovery.