Krugman argues that Japan was only the first of the major economies to succumb to chronic deflation, back in the 1990s, and has now been followed by the European Union, China, and most recently Switzerland, with its soaring franc and falling prices. The US, in this view, remains near the vortex as well, prompting the Keynesians’ repeated calls for more fiscal stimulus, which, unlike monetary policy, is seen by the pessimists to be especially efficacious at the ZLB.
自2008年以来，这一观点在美国和英国的凯恩斯主义经济学家中占据了主流。克鲁格曼认为日本曾经是唯一陷入慢性通胀的主要经济体——从20世纪90年代便已如此，而如今欧盟、中国以及最近的瑞士（从高企的瑞郎和下跌的物价看）纷纷步了日本后尘。从这一观点看，美国也仍处于这一漩涡附近，因此急需凯恩斯主义者一再呼吁的财政刺激。财政刺激与货币政策不同，悲观派认为它在零利率下限特别有效。