Fiscal policy under secular stagnation: An optimal pump-priming strategy
研究了在永久性流动性陷阱中，如何通过临时但大规模的财政刺激使经济过热，从而提高通胀锚并恢复充分就业，并论证了这种启动策略通常是最优的。
How can a depressed economy escape a permanent liquidity trap, such as to restore full employment? This can be achieved through a temporary, but massive, fiscal stimulus to overheat the economy such as to raise the inflation anchor. Despite the substantial cost of overheating the economy, this pump-priming policy is typically optimal. The lack of fiscal space cannot prevent the government from pump priming the economy through fiscal policy.