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Sunday, February 25, 2018

Paul Krugman Looks Back at the Last Twenty Years of the Macroeconomic Policy Debate [feedly]


wonky but interesting...


Paul Krugman Looks Back at the Last Twenty Years of the Macroeconomic Policy Debate
http://equitablegrowth.org/equitablog/paul-krugman-looks-back-at-the-last-twenty-years-of-the-macroeconomic-policy-debate/

Everybody interested in macroeconomics or macroeconomic policy should know this topic backwards and forwards by heart. My problem is that I do not see how I can add value to it. The only thing I can think of to do is to propose two rules:

  1. Paul Krugman is right.
  2. If you think Paul Krugman is wrong, refer to rule #1.

I do wish that those who were not bad actors who made mistakes would 'fess up to them. Those who don't will get moved to the "bad actor" category: and, yes, I am looking at you, Marvin Goodfriend.

The only remaining question, I think, is whether these should all be read in chronological or reverse chronological order. I find myself torn, with arguments on both sides having force:

Ben Bernanke (1999): Japanese Monetary Policy: A Case of Self-Induced Paralysis?https://www.princeton.edu/~pkrugman/bernanke_paralysis.pdf

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