Rethinking the Role of Fiscal Policy
探讨了经济学家对财政政策作为反周期工具看法的转变，分析当前财政刺激的设计原则及失败后果。
As recently as two years ago there was a widespread consensus among economists that fiscal policy is not useful as a countercyclical instrument. Now governments in Washington and around the world are developing massive fiscal stimulus packages, supported by a wide range of economists in universities, governments, and businesses. Why has this change occurred? What are the principles for designing a potentially useful fiscal stimulus? And what will happen if the current fiscal stimulus fails?