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首页> 外文期刊>JPKE: Journal of Post Keynesian Economics >Bernanke's paradox: can he reconcile his position on the federal budget with his recent charge to prevent deflation?
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Bernanke's paradox: can he reconcile his position on the federal budget with his recent charge to prevent deflation?

机译：伯南克的悖论：他能否将他在联邦预算中的立场与他最近为防止通货紧缩而提出的指控调和？

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摘要

This paper examines Federal Reserve Chairman Ben Bernanke 's recipe for deflation fighting and the specific policy actions he took in the aftermath of the 2008 financial crisis. Both in his academic and policy work, Bernanke has made the case that monetary policy is able to stem deflationary forces largely because of its "fiscal components," and that governments such as those in the United States or Japan face no constraints in financing these fiscal components. On the other hand, he has recently expressed strong concerns with the size of the federal budget deficit, calling for its reversal in the name of financial sustain-ability. This paper argues that these positions are fundamentally at odds with each other and resolves the paradox by arguing on theoretical and technical grounds that there are no fundamental differences in financing conventional government spending programs and what Bernanke considers to be the fiscal components of monetary policy.
机译：本文研究了美联储主席本·伯南克抗击通缩的秘诀以及他在2008年金融危机后采取的具体政策行动。伯南克在学术和政策工作中都提出货币政策之所以能够遏制通货紧缩的力量，主要是因为其“财政成分”，而且美国或日本等国的政府在为这些财政预算提供资金方面没有任何限制。组件。另一方面，他最近对联邦预算赤字的规模表示强烈关注，呼吁以财政可持续性的名义扭转这一状况。本文认为这些立场在根本上是相互矛盾的，并通过从理论和技术上争辩说，在常规政府支出计划和伯南克认为是货币政策的财政组成部分上没有根本差异的情况下，解决了这一矛盾。

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