Central banking is easy during the good times. Play with interest rates every now and again while basking in the glory of it all. Policy has also been straightforward during the downturn. Drop rates to nothing and keep them there – perhaps dabbling in quantitative easing to look busy. Where it starts to get difficult is in the middle ground.
光景好的時候，央行操作起來很容易：時不時調整一下利率，然後就可以盡享榮光。經濟衰退的時候，政策同樣沒什麼懸念：將利率調降至零，並保持下去——如果要刻意顯得忙碌一些，還可以搞搞定量寬鬆。開始變得困難的時候，是經濟情況不好不壞的時候。
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