Paul Krugman

@paulkrugman ↗

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Last Checked July 9, 2021

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Sat Jun 19 13:21:07 +0000 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

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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

The crown jewel of Friedman's work, the natural rate hypothesis, has also fallen on hard times, though not to the same extent. It may be true that trying to keep unemployment low eventually leads to accelerating inflation. But not much evidence these past 25 years 5/ — PolitiTweet.org

Posted June 19, 2021