Paul Krugman

@paulkrugman ↗

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Last Checked July 9, 2021

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Sat Jun 19 13:19:05 +0000 2021

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Paul Krugman @paulkrugman

James Tobin was right in 1970: to the extent that there was a correlation between monetary aggregates and GDP (there hasn't been much of one in recent decades), Friedman had the causation reversed 4/ https://t.co/eNwlXAyLu8 — PolitiTweet.org

Posted June 19, 2021

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Paul Krugman @paulkrugman

Monetarism — the claim that monetary aggregates like M1 or M2 drive the economy, and that stabilizing them is all policy needs to do — is dead, and should never have had the influence it did. 3/ — PolitiTweet.org

Posted June 19, 2021

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Paul Krugman @paulkrugman

This doesn't mean that the Fed is powerless: its control of the monetary base lets it move short-term interest rates, and both Romerromer-type studies and Sims-type VARs show that this matters. But M2 doesn't add much if anything 4/ — PolitiTweet.org

Posted June 19, 2021