"People always ask whether we’ll do as badly as Japan;"
pk
" so far, at least, we’re doing far worse."
"... Japan was highly effective in its use of fiscal stimulus to limit the damage from financial crisis"
so where did Japan fail ?
" not pursuing expansionary monetary policy during the good years to lift itself out of deflation."
pk
that requires more then mere assertion i think
and a complete answer
gets to the heart of the validity of any fiscal first thesis
