Appreciation of the Keynesian synthesis was enhanced by the events of the last decade. The global financial crisis highlighted the fragility of financial markets and the capriciousness of animal spirits. The depth of the downturn pointed to the value of not just automatic stabilizers but also discretionary fiscal policy as tools of macroeconomic management. Keynesian models and not their New Classical challengers provided the practical analytical framework for policy design. Models of the anti-Keynesian effects of fiscal consolidation received little support from actual consolidation experience. The secular-stagnation debate that followed the crisis lent legitimacy to the view that policy-makers with fiscal space were wise to use it.

中文翻译：

---

凯恩斯经济学：如果它永不消亡，它还能回来吗？

过去十年的事件增强了对凯恩斯主义综合的认识。全球金融危机凸显了金融市场的脆弱性和动物精神的反复无常。经济衰退的深度不仅表明了自动稳定器的价值，而且还表明了可自由支配的财政政策作为宏观经济管理工具的价值。凯恩斯主义模型而非新古典挑战者为政策设计提供了实用的分析框架。财政整顿的反凯恩斯主义效应模型几乎没有得到实际整顿经验的支持。危机之后的长期停滞辩论为具有财政空间的决策者明智地使用它的观点提供了合法性。