How can we explain the persistence of the Great Recession? A balanced stability approach
提出“平衡稳定性方法”来解释大衰退的持续性，指出低需求问题源于“新经济”中的结构性变化，对宏观经济学研究者有参考价值。
The Great Recession (GR) creates a stalemate in macroeconomics. On the one hand, standard approaches fail to account for its persistence in a credible way due to their implicit assumption that the economy is internally stable. On the other, heterodox approaches fail to regain consensus. While often correctly stressing that the roots of the GR lie not only in developments within the financial sector but also in a lack of aggregate demand, they fail to devise an alternative method for showing why this problem has arisen in a systematic way. This paper fills the gap by proposing a new framework called the 'balanced stability approach'. Its specific contribution is to stress that the low demand problem is rooted in a wide range of structural changes which arise in the so-called 'new economy'.