The recent global financial crisis has resulted in a new creative set of economic policies. The justifi- cation for the unconventional policy response was based on the implicit assumption that the departure from the norms of macroeconomic policies would be temporary. This detour has lasted longer than expected. Now that the process of normalization has started in the United States and is likely to be followed (albeit in some delay) in Europe, it would be important for policy makers to emphasize that the unconventional set of economic policies were just a detour from the longstanding convention rather than representing a new paradigm. The experience of the crisis and the post-crises years should be recorded in history as refl ecting a period during which new and important policy chapters were drafted. These chapters should be added to the corpus of knowledge of macroeconomic theory and policy. The new chapters contain important lessons that should definitely not be forgotten once the crisis is over. They s...

中文翻译：

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中央银行，贸易保护主义和全球化

最近的全球金融危机导致了一系列新的创新性经济政策。非常规政策回应的理由是基于隐含的假设，即背离宏观经济政策规范是暂时的。绕行时间比预期的长。既然正常化进程已在美国开始，并且有可能在欧洲遵循（尽管有所延迟），但对于政策制定者而言，重要的是强调非常规的经济政策仅是长期以来的绕道而行惯例，而不是代表新的范例。危机和后危机年代的经历应记录在历史上，反映了起草新的重要政策章节的时期。这些章节应添加到宏观经济理论和政策知识的语料库中。新的章节包含重要的教训，一旦危机结束，绝对不应忘记这些重要的教训。他们...