Fairy wings train tracks slump ChrisHaysPhotography/Flickr


伦敦—2011年,诺贝尔经济学奖获得者保罗·克鲁格曼(Paul Krugman)用“债券纠察队”(bond vigilantes)和“信心仙子”(confidence fairy)形容预算赤字方面的保守做法。除非政府削减赤字,否则债券纠察队将通过推高利率迫使它们就范。但如果它们确实削减了赤字,信心仙子将通过刺激比削减赤字所影响的更多的私人支出来奖励它们。


我最近在一次《纽约书评》(New York Review of Books)活动中与克鲁格曼辩论了这一问题。我的观点是不良期望可能影响政策的效果,而不仅仅是政策被采取的可能。比如,如果人们认为政府借贷只是延迟了征税,他们可能储蓄更多以应对预期的未来账单。

To continue reading, please log in or enter your email address.

To continue reading, please log in or register now. After entering your email, you'll have access to two free articles every month. For unlimited access to Project Syndicate, subscribe now.


By proceeding, you are agreeing to our Terms and Conditions.

Log in


Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.