The models used by all of the forecasting organizations dramatically underestimated the fiscal multiplier: the impact of changes in government spending on output. Second, they overestimated the extent to which quantitative easing (QE) by the monetary authorities – that is, printing money – could counterbalance fiscal tightening.
其中有两个非常突出的关键错误。各大预测机构所使用的模型都显著低估了财政乘数：政府支出变化对产出的影响。第二，他们高估了金融当局实施的量化宽松政策——也就是印钞票——对财政紧缩的抵消程度。