Paul Krugman

@paulkrugman ↗

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Last Checked Jan. 1, 2022

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Mon Nov 15 16:28:58 +0000 2021

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Paul Krugman @paulkrugman

The money multiplier was popularized by Milton Friedman; it was a key part of his apparatus for asserting that the Great Depression was a failure of Fed policy. Except ... the 30s were also a zero-rate era, in which the concept didn't make sense 2/ — PolitiTweet.org

Posted Nov. 15, 2021

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Paul Krugman @paulkrugman

Indeed. The money multiplier is a useless guide in a near-zero rate environment, where banks typically have ample reserves. And we've been in that environment since 2008. But there's a funny thing about the concept's history 1/ — PolitiTweet.org

Many econ textbooks include outdated information on how Fed policy influences banks and the economy. Educators shou… https://t.co/grAKfU9h5Q

Posted Nov. 15, 2021

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Paul Krugman @paulkrugman

My inbox is full of people trying to resurrect monetarism on the basis of one quarter of inflation. Sorry, but no 3/ — PolitiTweet.org

Posted Nov. 15, 2021