If there were some short-term stimulus that was timely and likely to raise output and employment at a reasonable long-term cost, I would be all for it. But the evidence is that highly effective fiscal policy, even at the zero lower bound on interest rates, remains at best a theoretical possibility, subject to severe political constraints.
如果有及时的短期刺激有助于提高产出和就业，其长期成本又较为合理，那我举双手赞成。但证据表明，高效的财政政策基本上只有理论可能，即使是在利率处于零下限时，这是拜重重政治约束所赐。尽管整合也许意味着一些短期成本，特别是在衰退之时，但拖延整合的长期成本是巨大的。逐渐推行可信的整合计划是最理想的情况，但整合无论如何必须推行——而且主要手段就是控制支出。