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[1]Irving Fisher,“The DebtDeflation Theory of Great Depressions,” Econometrica 1 no.4 (1933)
:341.
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[2]Ben Bernanke,“On Milton Friedman’s Ninetieth Birthday” (speech,Conference to Honor Milton Friedman,University of Chicago,November 8,2002).
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[3]从技术上讲,美联储也从非银行公众手中购买了债券。但是如果非银行公众将收入存入银行系统,银行系统以准备金形式持有的资金就会增加,其影响是相似的。
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[4]Paul Douglas,Irving Fisher,Frank Graham,Earl Hamilton,Willford King,and Charles Whittlesey,“A Program for Monetary Reform” (paper,reprinted by the Kettle Pond Instit ute,July 1939).
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[5]Richard Koo在研究20世纪90年代的日本时,得出了相似的结论。参见 Richard Koo,The Holy Grail of Macroeconomics
:Lessons from Japan’s Great Recession(Singapore
:John Wiley & Sons \[Asia\],2009)。
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[6]See Peter Temin,Did Monetary Forces Cause the Great Depression? (New York
:Norton,1976); and Paul Krugman,“It’s Baaack
:Japan’s Slump and the Return of the Liquidity Trap,” Brookings Papers on Economic Activity 2 (1998)
:137-205.
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[7]Richard Koo,“The World in Balance Sheet Recession
:What Post2008 West Can Learn from Japan 1990-2005” (presentation,“Paradigm Lost
:Rethinking Economics and Politics” conference,Berlin,April 15,2012),http://ineteconomics.org/conference/berlin/worldbalancesheetrecessionwhatpost2008westcanlearnjapan19902005.
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[8]有关使用直升机撒钱被引用最多的文献来自Milton Friedman:“The Optimum Quantity of Money,” in The Optimum Quantity of Money and Other Essays (Chicago
:Aldine,1969),1-50。
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[9]Ben Bernanke,“Japanese Monetary Policy:A Case of SelfInduced Paralysis”(paper,Princeton University,1999).
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[10]Martin Wolf,“The Case for Helicopter Money,” Financial Times,February 12,2013.
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[11]Willem H.Buiter,“Helicopter Money
:Irredeemable Fiat Money and the Liquidity Trap; Or,Is Money Net Wealth after All?” (working paper,January 31,2004),http://www.willembuiter.com/helinber.pdf.
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[12]Alan Boyce,Glenn Hubbard,Christopher Mayer,and James Witkin,“Streamlined Refinancings for Up to 13 Million Borrowers” (draft policy proposal,Columbia Business School,Columbia University,June 13,2012),http://www8.gsb.columbia.edu/sites/realestate/fi les/BHMWV15post.pdf.
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[13]Krugman,“It’s Baaack.”
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[14]Christina Romer,“It Takes a Regime Shift
:Recent Developments in Japanese Monetary Policy through the Lens of the Great Depression” (speech,NBER Annual Conference on Macroeconomics,Cambridge,MA,April 12,2013).
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[15]Emi Nakamura and Jon Steinsson,“Fiscal Stimulus in a Monetary Union
:Evidence from U.S.Regions,” American Economic Review,forthcoming.
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[16]Gabriel ChodorowReich,Laura Feiveson,Zachary Liscow,and William Gui Woolston,“Does State Fiscal Relief during Recessions Increase Employment?
:Evidence from the American Recovery and Reinvestment Act,” American Economic Journal
:Economic Policy 4 (2012)
:118-145; and Daniel Wilson,“Fiscal Spending Job Multipliers
:Evidence from the 2009 American Recovery and Reinvestment Act,” American Economic Journal
:Economic Policy,forthcoming.
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[17]Gauti Eggertsson and Paul Krugman,“Debt,Deleveraging,and the Liquidity Trap
:A FisherMinskyKoo Approach,” Quarterly Journal of Economics 127,no.3(2012)
:1469-513.
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[18]Paul Krugman,End This Depression Now! (New York
:Norton,2012).
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[19]当然,也有一些政府支出用于本金减记的例子。最有名的就是我们在第10章讨论过的大萧条期间的房主贷款公司。
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[20]房产税是一个例外,但它仅占全部税收收入的0.6%。参见Center on Budget and Policy Priorities,“Where Do Federal Tax Revenues Come From?” April 12,2013,http://www.cbpp.org/cms/?fa=view&id=3822。
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[21]HansWerner Sinn,“Why Berlin Is Balking on a Bailout,” New York Times,June 12,2012.
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[22]Atif Mian,Amir Sufi ,and Francesco Trebbi,“Resolving Debt Overhang
:Political Constraints in the Aftermath of Financial Crises,” American Economic Journal
:Macroeconomics,forthcoming.
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[23]同上。
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[24]这些都是Carmen Reinhart和Ken Rogoff所定义的金融危机。
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第12章
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