Paul Krugman

@paulkrugman ↗

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Last Checked July 9, 2021

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Sat Jun 19 13:25:13 +0000 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

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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

By the way, Tobin was skeptical of the natural rate too — oh, and foreshadowed the collapse of the concept of the money supply as a well-defined measure. Funny how Tobin, not Friedman, appears to have won the long-run argument 6/ https://t.co/EI0FU0ghxx — PolitiTweet.org

Posted June 19, 2021