Paul Krugman

@paulkrugman ↗

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Last Checked April 20, 2021

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Wed Mar 24 16:18:05 +0000 2021

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Paul Krugman @paulkrugman

My side argues that the multiplier on this big fiscal expansion will be relatively low, because it's not designed as stimulus; that's also what the Fed and private forecasters are in effect saying; and so overheating won't be large 4/ — PolitiTweet.org

Posted March 24, 2021

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Paul Krugman @paulkrugman

And that framework is IS-LM-ish macro, where deficit spending is expansionary at a given interest rate. The question is how expansionary. And that's a subject for dispute mainly because we are in uncharted policy territory 3/ — PolitiTweet.org

Posted March 24, 2021

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Paul Krugman @paulkrugman

But that view isn't based on deep principles; it's a judgment call. And I can understand where concerns about overheating come from (although puzzled why they don't think the Fed can deal with the issue) 5/ — PolitiTweet.org

Posted March 24, 2021