, Columnist
Yes, Nations Can Spend Their Way Out of Recessions. Sometimes.
Central banks make it possible, or impossible.
Nations can rack up debt for stimulus ... if their central banks allow it.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
The great recession is just behind us, but economists are already busy debating whether rich countries have the tools to fight off the next slump.
With interest rates at rock bottom -- and unlikely to rise all that much in the coming years -- many believe governments will have to play a bigger role in a future crisis, raising spending to make up for any reduction in private consumption and investment.