already ended. First, there is a legislative process lag that applies to all policy proposals — a stimulus package cannot take effect until bills are passed by the House and Senate, both chambers can reconcile differences between their bills, and the President signs the bill. Many bills get delayed at some step in this process. many past stimulus bills have not become law until a recession was already underway or finished.
当经济下滑时，经济学家认为，央行应该更加重视短期货币政策，因为实施货币政策所需的时间更短，而且大幅降低利率的决定、自然市场调整以及已经实施的刺激措施足以避免衰退。当对金融市场进行大规模干预时，可以刺激货币流入金融部门，最终流入更广泛的经济，在那里，信贷的重要扩张可以显著提高总需求。据说，与财政政策相比，更强调货币政策，因为在政策变化影响支出之前存在滞后。因此，可以在经济已经进入衰退或衰退已经结束后实施刺激措施。首先，存在适用于所有政策提案的立法程序滞后——在众议院和参议院通过法案之前，刺激方案无法生效，两院都可以调和法案之间的分歧，总统签署法案。在这个过程中的某一步，许多账单都被推迟了。在经济衰退已经开始或结束之前，许多过去的经济刺激法案尚未成为法律。
Is additional fiscal stimulus needed during the economy slowdown? It depends on the current state of the economy. Fiscal policy temporarily stimulates the economy through an increase in the budget deficit. Fiscal stimulus can take the form of higher government spending (direct spending or transfer payments) or tax reductions, but normally it can boost spending only through a larger budget deficit. A deficit-financed increase in government spending directly boosts spending by borrowing to finance higher government spending or transfer payments to households. A deficit-financed tax cut indirectly boosts spending if the recipient uses the tax cut to increase his spending. Economists usually agree that spending proposals are somewhat more stimulative than tax cuts since part of a tax cut will be saved by the recipients. The most important determinant of the effect on the economy is its size.
经济放缓期间是否需要额外的财政刺激？这取决于当前的经济状况。财政政策通过增加预算赤字暂时刺激经济。财政刺激可以采取增加政府支出（直接支出或转移支付）或减税的形式，但通常只能通过更大的预算赤字来刺激支出。赤字融资的政府支出增加直接通过借贷为政府支出增加或向家庭转移支付提供资金来刺激支出。如果接受者利用减税来增加支出，赤字融资的减税会间接增加支出。经济学家通常认为，支出建议比减税更有刺激性，因为减税的一部分将由接受者节省。对经济影响的最重要决定因素是其规模。
Economic performance can be illustrated through shifting in aggregate demand and aggregate supply curves. Aggregate supply and demand are shown in the graph below. If consumer confidence in the economy falls and people reduce their spending, aggregate demand will fall, reducing real output and prices and possibly dropping the country into a recession .
经济表现可以通过总需求和总供给曲线的变化来说明。总供给和需求如下图所示。如果消费者对经济的信心下降，人们减少支出，总需求将下降，从而降低实际产出和价格，并可能使国家陷入衰退。
As the American economy slid into recession in 1929, economists relied on the Classical Theory of economics, which promised that the economy would self-correct if government did not interfere. But as the recession deepened into the Great Depression and no correction occurred, economists realized that a revision in theory would be necessary. John Maynard Keynes developed Keynesian Theory, which called for government intervention to correct economic instability. As fiscal policy is the use of government spending and taxes to stabilize the economy, Keynes recommends that parliament should increase government spending in order to “prime the pump” of the economy during periods of recession. At the same time, he calls for tax decreases in recessionary times, to increase consumers’ disposable income with which they can buy more products. Through both methods of fiscal policy, the increase in aggregate demand brought about by such actions leads firms to increase production, hire workers, and increase household incomes to enable them to buy more. While both tools are effective, Keynes advocated change in government spending as the more effective fiscal policy tool, because any change in government spending has a direct effect on aggregate demand. However, if taxes are reduced, consumers most likely will not spend all of their increase in disposable income; they are likely to save some of it. Referring to the graph, a rise in government spending G or a decline in autonomous taxes will cause the aggregate demand AD shift to the right, thus increasing both the equilibrium level of real GDP, Q*, and the equilibrium price level P*.
随着1929年美国经济陷入衰退，经济学家们依靠古典经济学理
