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六十年代初,耶鲁大学经济学家詹姆士·托宾在肯尼迪总统的经济顾问委员会风头十足。他提出了一个公式,认为它能使美国的经济达到最大的增长。他说,所要求的只是一种新的混合经济政策,即松动银根和紧密控制联邦预算相结合。用这种放宽金融的办法来便利私人支出,就可以使这个公式既能满足私人的需要,又能拿出必要的资财来刺激投资,从而也就能使经济增长率达到最大的程度。托宾的增长药方一直还没有实行过。在过去十七年中,无论是货币政策还是财政政策都极端放松。但在美元危机的打击下,1979年美国有迹象在悄悄地实行紧缩财政和放松银根
In the early 1960s, Yale economist James Tobin was preoccupied with President Kennedy’s economic advisory board. He put forward a formula that believes it can maximize the U.S. economy. What he claims, he said, is nothing more than a new hybrid economic policy that combines a loose monetary policy with tight federal budget control. Using this relaxation of financial means to facilitate private expenditures will allow this formula to meet private needs while also providing the necessary resources to stimulate investment, thus maximizing the rate of economic growth. Tobin’s growth prescription has not been implemented. In the past 17 years, both monetary and fiscal policies have been extremely relaxed. However, under the blow of the dollar crisis, the United States in 1979 saw signs of quietly tightening fiscal policy and easing monetary policy