There is a pleasing myth about the business cycle. This is that it is just a fluctuation around an underlying trend. Output in a boom is above a sustainable level. In a recession it is below it. Budget deficits in the recession phase can be and should be offset by surplus in boom years. Whether you are optimistic or pessimistic about stabilisation policies they exist in a sphere of their own, and economic policy can concentrate on so called “supply side” measures.
商业周期存在一个令人愉悦的神话：它总是围绕潜在趋势而波动。在繁荣时期，manbetx20客户端下载 产出高于可持续水平，在衰退时期则低于可持续水平。衰退阶段的预算赤字可以而且应该为繁荣时期的盈余所抵消。无论你是持乐观态度还是悲观态度，稳定政策都会固然存在着，manbetx20客户端下载 政策也会聚焦于所谓的“供应面”措施。
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