The debate continued with Paul Krugman’s 1998 paper, “It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap” and his book The Return of Depression Economics, published the following year. Krugman made the case that central banks had already succeeded in anchoring inflation expectations to low levels, but had nonetheless failed to put the economy back on track.
接着加入争论的是保罗·克鲁格曼（Paul Krugman）1998年的论文《归来兮：日本的崩溃和流动性陷阱的回归》（It’s Baaack: Japan’s Slump and the Return of the Liquidity Trap）和第二年出版的著作《萧条经济学的回归》（The Return of Depression Economics）。克鲁格曼认为，央行已经成功地将通胀预期锚定在低水平，但没能让经济回归正轨。欧洲和美国的经济，克鲁格曼指出，已经告别了辉煌，回到了二战前的“萧条经济学”模式，其主要特征是总需求不足、通缩风险、金融危机和流动性陷阱。