If infrastructure investment, for example, generates some growth and employment in the short to medium term and higher sustainable growth in the longer term, should we rule it out because some estimates of the multiplier are less than one? Similarly, if fiscal stimulus has a muted effect because the recipients of the income are saving to restore damaged household balance sheets, it is not clear we want to discount the accelerated deleveraging benefit, even if it shows up in domestic demand only later.
然后还有时间的问题。例如，如果基础设施投资在中短期能够推动经济增长增加就业，又能在长期保持更高的可持续增长，那我们要不要因为有些人估计该乘数小于1而放弃？同样地，如果人们把收入存起来以弥补受到损害的家庭资产负债表，从而导致财政刺激效果趋缓，我们也并不一定会低估加速去杠杆化的好处，即使它需要推后一段时间才能在国内需求上体现出来。