Paul Krugman

@paulkrugman ↗

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Last Checked Nov. 12, 2022

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Sun Oct 16 15:55:50 +0000 2022

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Paul Krugman @paulkrugman

There's a large literature on currency crises, theoretical and empirical, with much of that literature emphasizing how crises can blow out of seemingly nowhere and prove self-fulfilling. In 2008 intl macro people were surprised by the particulars, but not by the possibility 14/ — 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

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Paul Krugman @paulkrugman

And while I can't prove it, I'd argue that the clarity created by models helped prevent financial meltdowns in both 2008 and 2020 fin/ — PolitiTweet.org

Posted Oct. 16, 2022