As Carmen Reinhart and Kenneth Rogoff argue, recoveries from crises that result from over-leveraged balance sheets are slow and typically resistant to traditional macroeconomic stimulus. Over-levered households cannot spend, over-levered banks cannot lend, and over-levered governments cannot stimulate.
为了评估这一药方，我们需要先理解症状。正如卡门·莱因哈特（Carmen Reinhart）和肯尼斯·罗格夫（Kenneth Rogoff）所指出的，资产负债表杠杆过高所引起的危机之后的复苏是非常缓慢的，且传统的宏观经济刺激手段会失效。过度负债的家庭无法增加支出，过度负债的银行无法增加贷款，过度负债的政府则无法加大刺激力度。