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

Even those that could perhaps afford to run a counter-cyclical policy to offset the effects of the downturn are squeezing public finances in part because they think that cutting deficits will help them reach the (presumed) safety of the euro zone.

ECONOMIST: Eastern Europe