The other thing to remember is that the Fed takes a "stock" approach to easing, which means it is the size of the balance sheet rather than the pace of purchases that matters.

另外，美联储采取“股法”手段来达到复苏的目的，这意味着关键的问题是资产负债的规模，而不是采购速度。

youdao

The stock of debt that banks and households still carry will take years to pay off. The hole in the balance-sheet must be sealed before the economy can regain its bounce.

银行和家庭的债务要花几年的时间才能偿完，资产负债表的大坑也要先填平了，经济才能重归反弹点。

youdao

The danger, however, is that too much emphasis on the stock cycle misses the underlying characteristics of this downturn. This is mainly a balance-sheet recession precipitated by a financial crisis.

然而，危险在于对于存货周期的过度关注导致人们忽略了这次经济下滑的根本特征：这次下滑主要是由金融危机加速的资产负债表衰退，同时也是异乎寻常的全球性同步衰退。

youdao

These days AMRs balance sheet looks as good as General Motors, and its in a stock buy-back mood, too.

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