In a world where private aggregate demand is weak and unconventional monetary policy eventually becomes like pushing on a string, the case for slower fiscal consolidation and productive public infrastructure spending is compelling.
Cuando la demanda agregada privada está débil y la política monetaria heterodoxa termina pareciéndose a empujar una cuerda, hay buenos motivos para retardar la consolidación fiscal e invertir en infraestructuras públicas productivas.