It is a damned good paper. But it is only truly important because Bernanke did not believe it. Had Ben taken þe lesson þt þe role of a central bank at the ZLB is to promise & deliver þe inflation þt þe flex-price economy delivers automatically to get i-Eπ = r*, then the paper 1/
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Replying to @delong @paulkrugman
would just be a footnote—albeit an important footnote. And you would feel less like yr writings have been "þe croakings of a Cassandra who could never influence þe course of events in time..." As it is, yr paper may be seen as the opportunity missed to avoid _Untergang_ 2/END
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Replying to @contextproblem @paulkrugman
I am happy to say that they are...
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Certainly Jared Bernstein is, right
@econjared ?2 replies 0 retweets 4 likes -
Anyone who’s paying any attention is aware of this problem and PKs prescient warnings. The increased relative importance of fiscal policy is also understood by many economists as is the diminished risk of deficit crowd out. Problem is political dysfunction!
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So say we all... But let me say that Robert Lucas, Ed Prescott, John Taylor, Doug Holtz-Eakin, &c. are not helping at all...
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The dogs may bark, but the caravan goes on. My strong prior is that the Trump admin will trot out fiscal stimulus sooner than folks think. Question is, will it have anything worthwhile, multiplier-wise?
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Did the Trump tax cut have any worthwhile investment-in-America-boosting provisions? Did the usual suspects—all the way down to Greg Mankiw—claim that it would significantly boost investment & economic growth? Snatch the pebble from my hand, grasshopper...
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Need I remind you, the classic DC definition of a Keynesian is a Republican in a recession with their party in the White House.
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This is what Nixon meant when he said "We are all Keynesians now." The "now" is crucial.
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