Mr goodhart used monetary history to test these competing theories .

古德哈特运用货币的历史对这些备受争议的理论进行研究。

Thanks to their low debt levels , many big emerging economies used fiscal and monetary stimulus vigorously and effectively .

由于许多大的新兴经济体债务少，所以能够高效且有力地贯彻财政金融的刺激政策。

First , we must control monetary liquidity .

第一，还是要控制货币的流动性。

As a result , higher rates become a fiscal issue , not just a monetary one .

作为结果，高利率成为了政府财政问题，而不仅是货币的问题。

In monetary history too , as in all other branches of history , one must resort to historical understanding .

对待货币的历史，同对待历史的所有其他分支一样，人们必须凭借基于史实的理解。