But, in net terms, a region within a country – or, like Germany, a country or sub-region within a monetary union – still “subtracts” from national and global aggregate demand if it exports more than it imports. Witness how expenditure cuts by US state governments – many of which are constitutionally required to balance their budgets – frustrated, to some degree, America’s massive federal-government stimulus in 2010-2011.
但是，从净值角度讲，一国内部地区——或者向德国那样的货币联盟内部的一国或次级地区——如果出口多于进口，仍然是国家或全球总需求的“减少”项。看看2010—2011年间美国州政府——根据宪法，许多州政府必须平衡预算——的减支如何在一定程度上阻碍了联邦政府的大规模刺激。