15/09/24 17:17:32.11 44b1Nukq.net
>>232の続き
4. Sometimes, however, monetary policy loses its effectiveness, especially
when rates are close to zero. In that case temporary deficit spending can
provide a useful boost. And conversely, fiscal austerity in a depressed economy
imposes large economic losses.
Is this a complicated, convoluted doctrine? It doesn’t sound that way to me,
and the implications for the world we’ve been living in since 2008 seem
very clear: aggressive monetary expansion, plus fiscal stimulus as long as
the zero lower bound constrains monetary policy.