传统的宏观经济政策对于稳定全球经济而言一直非常重要,但如今,宏观经济政策已不足以应对当前经济环境的脆弱性和低增长,尤其是已不能应对持续疲软的需求,更不要提驱动新的增长了。与8年前全球危机爆发时相比,这些政策所能使用的弹药已经少得可怜。许多大国的货币政策已接近零利率下限,利率已低得不能再低。而财政政策与危机前相比,空间也已非常有限。事实上,发达国家的主权债务已由占GDP的70%增长至100%左右。尽管像 While traditional macroeconomic policies have always been important to stabilizing the global economy, macroeconomic policies are no longer sufficient to meet the current economic climate of vulnerability and low growth. In particular, they have been unable to cope with the persistent weak demand, let alone drive new The growth. The ammunition available to these policies has been minimal compared with the global crisis eight years ago. The monetary policy of many big countries is close to the zero interest rate limit, and the interest rate has become too low. Compared with the pre-crisis fiscal policy, the space has also been very limited. In fact, the sovereign debt of developed countries has increased from 70% of GDP to 100% or so. Although like