Paul Krugman

@paulkrugman ↗

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Last Checked Nov. 12, 2022

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Sun Oct 16 15:46:56 +0000 2022

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Paul Krugman @paulkrugman

Diamond-Dybvig-Bernanke, with minimalist models of how bank runs could happen and matter, again cut through the fog. After DDB economists could read Bagehot very differently and more productively than before 12/ — PolitiTweet.org

Posted Oct. 16, 2022

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Paul Krugman @paulkrugman

On bank runs: of course everyone knew that they happened and did harm. But there was a lot of confusion — people thinking that runs necessarily reflected mob psychology, that they mattered only because they reduced the money supply, etc. 11/ — PolitiTweet.org

Posted Oct. 16, 2022

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Paul Krugman @paulkrugman

One final point: Tooze says that economists failed to appreciate the role of financial instability. I guess that depends on which economists we're talking about. International macro, one of my two home fields, has been acutely aware of instability from the get-go 13/ — PolitiTweet.org

Posted Oct. 16, 2022