Paul Krugman

@paulkrugman ↗

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Last Checked Feb. 5, 2021

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Wed Jan 13 11:57:51 +0000 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

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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 think this insight (along with a number of other observations) held up well after 2008. And it was, to me, an object lesson in the virtues of laying out your assumptions systematically, not going by what you vaguely imagine must be true 5/ — PolitiTweet.org

Posted Jan. 13, 2021