The principal high-income economies – the US, the eurozone, Japan and the UK – have been suffering from “chronic demand deficiency syndrome”. More precisely, their private sectors have failed to spend enough to bring output close to its potential without the inducements of ultra-aggressive monetary policies, large fiscal deficits, or both. Demand deficiency syndrome has afflicted Japan since the early 1990s and the other economies since 2008 at the latest. What is to be done about it? To answer, you have to understand the ailment.
美國、歐元區(qū)、日本和英國這些主要的高收入經(jīng)濟(jì)體患上了“慢性需求不足綜合征”。更準(zhǔn)確地說，如果沒有極度激進(jìn)的貨幣政策、巨額財政赤字或者兩者兼有的刺激，這些國家的私人部門就無法產(chǎn)生足夠支出，從而讓產(chǎn)出接近潛在水平。日本自上世紀(jì)90年代初以來、其他經(jīng)濟(jì)體最晚從2008年起都深受需求不足的困擾。對此怎么辦？要回答這個問題，你必須先了解“病情”。