But the overall policy mix has been sub-optimal, with too much front-loaded fiscal consolidation and too much unconventional monetary policy (which has become less effective over time). A better approach in advanced economies would have comprised less fiscal consolidation in the short run and more investment in productive infrastructure, combined with a more credible commitment to medium- and long-term fiscal adjustment – and less aggressive monetary easing.
但总体政策组合只是次优水平，前瞻财政整合和非常规货币政策（随着时间的推移，这一政策效果越来越差）过多。发达经济体更好的方针应该是短期减少财政整合和增加生产性基础设施投资，同时许以可信的中期和长期财政调整承诺——以及更温和的货币宽松。