I n certain circles, it has become fashionable to argue that monetary policy is a superior instrument to fiscal policy – more predictable, faster, without the adverse long-term consequences brought on by greater indebtedness. Indeed, some advocates wax so enthusiastic that they support recent drives for austerity in many European countries, arguing that if there are untoward effects they can be undone by monetary policy. Whatever the merits of this position in general, it is nonsense in current economic circumstances.
在某些圈子裏，如今流行的看法是，貨幣政策是比財政政策更好的工具——更可預測、見效更快，而且沒有債務增加帶來的負面長期後果。的確，一些擁護者熱情洋溢地宣稱，他們支持許多歐洲國家最近出臺的緊縮舉措，他們提出，即使出現意料之外的效果，也可以通過貨幣政策予以抵消。無論這種立場總體上有何長處，它在當前經濟環境下都是無稽之談。
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