The writer is a former central banker and a professor of finance at the University of Chicago’s Booth School of BusinessMacroeconomic policy in industrial countries has become much more discretionary of late, and not necessarily in a good way. When sensible, it is focused on the long term, and moves to stabilise the economic cycle rather than accentuate it. So the government should shrink deficits when the economy is doing well, even as monetary policy gets tighter, and the opposite should happen when the economy is doing poorly. One benefit of pulling back policy stimulus in boom times is that it preserves the capacity to intervene in downturns.
本文作者曾任印度央行行长，现为芝加哥大学布斯商学院(University of Chicago Booth School of Business)金融学教授。
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