Bubbles and structural imbalances were not seen as the problem. Instead, the paper’s authors argued that Japan’s “lost decades” of anemic growth and deflation could have been avoided had policymakers shifted to stimulus more quickly and with far greater force.
该论文的核心假设是日本经济和财政当局的主要错误是动作太胆小。泡沫和结构性失衡没有被视为问题。相反，论文作者认为，如果决策者更迅速、更强力地采取刺激手段，日本增长缓慢、通货紧缩的“失去的十年”或许可以避免。