Mais evidência que vivemos um momento de prioridade do fiscal sobre o monetário.
Demand itself can be boosted with either fiscal or monetary policies. In the current situation, there is substantial reason to believe that economies around the world have been insufficiently relying on the former. First, fiscal policy can be positive sum, expanding demand for the country that engages in it and for the global economy. Second, fiscal policy can not only expand demand today it can, if implemented in the form of investments, expand supply tomorrow. And finally fiscal policy can be especially effective when interest rates are low and constrained by the effective lower bound. In many countries, a failure to use fiscal policy effectively has left global central banks shouldering the burden of lifting demand.