Paul Krugman

@paulkrugman ↗

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Last Checked Feb. 5, 2021

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Wed Jan 13 11:55:21 +0000 2021

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Paul Krugman @paulkrugman

I began working on this issue because I was disturbed by Japan's apparent inability to break out of deflation. I started with a strong intuition that the Bank of Japan just wasn't trying hard enough — that if it just printed enough money that would work 3/ — PolitiTweet.org

Posted Jan. 13, 2021

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Paul Krugman @paulkrugman

I am still proud of the 1998 paper that sort of started this. It holds up pretty well — and it was also an illustration of the case for economic modeling 2/ https://t.co/ZEILV7tmbT — PolitiTweet.org

Posted Jan. 13, 2021

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Paul Krugman @paulkrugman

So I set out to write a model that would confirm my intuition — and it said that my intuition was wrong! The liquidity trap is a sort of expectational trap, and harder than you might think to deal with 4/ — PolitiTweet.org

Posted Jan. 13, 2021