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But, in future, countries should take exactly the opposite approach: running up fiscal surpluses in the good times and then allowing their budgets to go into deficit in the bad times. This is classic Keynesianism, except that most Keynesians forget the essential part about building up surpluses in booms.ﾃつSuch an approach would not just restrain the booms; it would mean that countries would have the financial wherewithal to run an expansionary fiscal policy during the busts rather than be forced into austerity.
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