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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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[1]See Heidi Shierholz,Natalie Sabadish,and Nicholas Finio,“The Class of 2013
:Young Graduates Still Face Dim Job Prospects,” Economic Policy Institute Briefing Paper 360 （2013）
:1-30.
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[2]See Federal Reserve Bank of New York,Quarterly Report on Household Debt and Credit,February 2013,http://www.newyorkfed.org/research/national_economy/householdcredit/DistrictReport_Q42012.pdf.
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[3]Andrew Martin and Andrew Lehren,“A Generation Hobbled by the Soaring Cost of College,” New York Times,May 12,2012.
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[4]Tara Siegel Bernard,“In Grim Job Market,Student Loans Are a Costly Burden,”New York Times,April 18,2009.
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[5]See Charley Stone,Carl Van Horn,and Cliff Zukin,“Chasing the American Dream
:Recent College Graduates and the Great Recession,” in Work Trends
:Americans’Attitudes about Work,Employers,and Government （Rutgers University,May 2012）,http://media.philly.com/documents/20120510_Chasing_American_Dream.pdf;and Meta Brown and Sydnee Caldwell,“Young Student Loan Borrowers Retreat from Housing and Auto Markets,” Federal Reserve Bank of New York Liberty Street Economics Blog,April 17,2013,http://libertystreeteconomics.newyorkfed.org/2013/04/youngstudentloanborrowersretreatfromhousingandautomarkets.html.
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[6]Martin and Lehren,“A Generation Hobbled.”
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[7]Bernard,“In Grim Job Market.”
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[8]本章的很多思想受Robert Shiller著作的影响，他强烈支持不论家庭债务还是主权债务都要更公平地分担风险的金融合同。例如，可以参见Stefano Athanasoulis,Robert Shiller,and Eric van Wincoop,“Macro Markets and Financial Security,” FRBNY Economic Policy Review,April 2009。 Kenneth Rogoff也提倡在主权债务方面多采用股权类工具，参见 Kenneth Rogoff ,“Global Imbalances without Tears,” Project Syndicate,March 1,2011,http://www.projectsyndicate.org/commentary/globalimbalanceswithouttears。Lord Adair Turner对债务问题及股权融资的优点给予很好的综述，参见Lord Adair Turner,“Monetary and Financial Stability
:Lessons from the Crisis and from Classic Economics Texts” （speech at South African Reserve Bank,November 2,2012）,available at http://www.fsa.gov.uk/static/pubs/speeches/1102at.pdf。
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[9]很多人认为学生教育融资应该与收入挂钩，例如，可以参见Kevin Carey,“The U.S.Should Adopt IncomeBased Loans Now,”Chronicle of Higher Education,October 23,2011; and Bruce Chapman,“A Better Way to Borrow,” Inside Higher Ed,June 8,2010。Elena Del Rey and Maria Racionero认为：“如果贷款方案是通用的，并且贷款充分考虑了教育的金融成本和放弃的收益，那么风险汇总式的收入挂钩贷款能够导致最优参与水平。”参见Elena Del Rey and Maria Racionero,“Financing Schemes for Higher Education,” European Journal of Political Economy 26（2010）
:104-13。
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[10]Milton Friedman,“The Role of Government in Education,” in Economics and the Public Interest,ed.Robert A Solo （New Brunswick,NJ
:Rutgers University Press,1955）,http://www.edchoice.org/TheFriedmans/TheFriedmansonSchoolChoice/TheRoleofGovernmentinEducationpercent281995 percent29.aspx.
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[11]我们并不是最先建议在住房抵押贷款融资中设置风险分担条款的人。例如，可以参见Andrew Caplin,Sewin Chan,Charles Freeman,and Joseph Tracy,Housing Partnerships （Cambridge,MA
:MIT Press,1997）; Andrew Caplin,Noel Cunningham,Mitchell Engler,and Frederick Pollock,“Facilitating Shared Appreciation Mortgages to Prevent Housing Crashes and Affordability Crises” （discussion paper 2008-12,Hamilton Project,September 2008）; and David Miles,“Housing,Leverage,and Stability in the Wider Economy” （speech at the Housing Stability and Macroeconomy
:International Perspectives Conference,Federal Reserve Bank of Dallas,November 2013）,available at http://www.bankofengland.co.uk/publications/Pages/news/2013/132.aspx。
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[12]这是一类按年而非按月支付的住房抵押贷款。
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[13]如果住房抵押贷款偿付与简的房屋价值联系在一起，那么她为了减少偿付贷款就有动机疏忽大意损害房屋价值。这种道德风险问题非常重要，可以用来解释为什么股权类合同需要以不受借款人控制的资产绩效为条件。
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