Paul Krugman

@paulkrugman ↗

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Last Checked March 16, 2022

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Fri Feb 11 14:44:21 +0000 2022

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Paul Krugman @paulkrugman

What about fiscal policy? It's not going to be a big factor, partly because even if BBB is salvaged it won't provide a lot of short-term stimulus, partly precisely because the ability to control inflation with monetary policy allows fiscal policy to focus on the long run 4/ — PolitiTweet.org

Posted Feb. 11, 2022

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Paul Krugman @paulkrugman

And if we end up a year or year and a half from now with inflation back to an acceptable level and a Fed funds rate of, say, 200 basis points that will actually be a good outcome: we *want* to get off the zero lower bound so monetary policy can respond to future recessions 3/ — PolitiTweet.org

Posted Feb. 11, 2022

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Paul Krugman @paulkrugman

Unfortunately — as elaborated on in the newsletter later today — there's a popular argument to the effect that government spending is always inflationary; certainly Joe Manchin is using that as an excuse for blocking BBB. So emphasizing the Fed's role ends up being crucial 5/ — PolitiTweet.org

Posted Feb. 11, 2022