Do countries have more room to use counter-cyclical fiscal policy than they used to?

第一，与过去比较，各国现在实行反周期财政政策的空间是否更大？

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As Willem Buiter of the London School of Economics puts it, only fiscal conservatives can use counter-cyclical fiscal policy well.

伦敦大学的经济学家Willem Buiter指出，只有财政保守人士才可以让反周期波动的财政政策运行良好。

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In our opinion, the market falls suddenly the behind which rises suddenly, is the policy and the cyclical gambling strength is having an effect.

在我们看来，市场暴跌暴涨的背后，是政策和周期的博弈力量在起作用。

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The macroeconomy has a long-run equilibrium natural rate of unemployment and GDP from which unanticipated counter-cyclical policy can scarcely nudge the economy.

FORBES: Thomas Sargent, Rational Expectations And The Keynesian Consensus

From 1929 to 1932 the main government in the firing line - America - operated a pro-cyclical policy of deflation: that is, making the downturn worse in the belief that it would "cleanse the system".

BBC: Thinking outside the 1930s box

They did not need a pro-cyclical fiscal policy to stave off default or devaluation.

ECONOMIST: Petri-dish economies: Poland