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Paul Krugman @paulkrugman
Normally an open market operation, in which the Fed increases the monetary base by buying Treasuries, has major effects because M0 is the medium of exchange, which means that people hold it despite a zero interest rate for the sake of liquidity 4/ — PolitiTweet.org
Paul Krugman @paulkrugman
Obviously monetary base (M0) grew enormously, M2 some but not much, GDP even less. So as a matter of arithmetic velocity of either M0 or M2 fell. But why? Because M0 was in a fundamental sense disconnected from GDP 3/ — PolitiTweet.org
Paul Krugman @paulkrugman
Start with what happened in the first few years of the financial crisis and aftermath. Here's the monetary base, which is what the Fed controls directly, one measure of the money supply, and nominal GDP 2/ https://t.co/6FUon6sHJG — PolitiTweet.org
Paul Krugman @paulkrugman
Friends tell me that this tweet was obscure — and it seems that many people, even in the finance world, don't get why velocity is unhelpful now. So, a thread 1/ https://t.co/Fm0nbx7v2I — PolitiTweet.org
Paul Krugman @paulkrugman
Thinking of this in terms of the velocity of money is itself a misunderstanding. When you're in a liquidity trap, w… https://t.co/XX9bb72Sw0
Paul Krugman @paulkrugman
RT @nytopinion: Many social scientists love science fiction; "Dune," the movie, will make them happy, writes @PaulKrugman. https://t.co/4PR… — PolitiTweet.org
Paul Krugman @paulkrugman
RT @paulwaldman1: The biggest tax lie Republicans tell is that rich people are spectacularly sensitive to even the tiniest change in tax ra… — PolitiTweet.org
Paul Krugman @paulkrugman
Some guy wrote about this a while back 3/ https://t.co/ZEILV7tmbT — PolitiTweet.org
Paul Krugman @paulkrugman
Thinking of this in terms of the velocity of money is itself a misunderstanding. When you're in a liquidity trap, with short-term rates near zero, the quantity of money is both endogenous and irrelevant 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
Good to see Cathie Wood taking on yet another tech bro who for some reason thinks he understands monetary economics. But ... 1/ https://t.co/f3bJWOWkVV — PolitiTweet.org
Paul Krugman @paulkrugman
Says the guy whose company was bailed out by the Obama stimulus and currently has a multi-billion dollar government contract https://t.co/1kCxUdGieI — PolitiTweet.org
Paul Krugman @paulkrugman
A one-line summary of what Democrats are up to, and why it's a good idea https://t.co/hzBLgbFcmq — PolitiTweet.org
Paul Krugman @paulkrugman
Because people like JD Vance aren't actually populists; they're cynical exploiters of working-class gullibility — PolitiTweet.org
Paul Krugman @paulkrugman
No. Simple answers to simple questions. — PolitiTweet.org
Greg Sargent @ThePlumLineGS
Dems want to prevent multinationals from avoiding taxes and curb other elite rigging of the system. This might hel… https://t.co/enk2dgdOMQ
Paul Krugman @paulkrugman
Good news: tourists are coming back to Times Square. Bad news: they move in sidewalk-blocking clumps, at about 1/3 the pace of New Yorkers — PolitiTweet.org
Paul Krugman @paulkrugman
The thing is, these are all people who have done extremely well in their own spheres. But I guess discontent is the human condition 3/ — PolitiTweet.org
Paul Krugman @paulkrugman
It's sort of scissors-paper-stone. The professors want to have real-world influence. The policymakers want to convert their importance into wealth. And the billionaires want to be respected for their minds. 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
A funny piece about the insecurity of the ultra-wealthy. Fwiw, in my experience it's a bit more complicated. I sometimes find myself observing 3 status hierarchies interacting: business, policy, and academia. And everyone wants to be what they aren't 1/ https://t.co/AhEzQaC51K — PolitiTweet.org
Paul Krugman @paulkrugman
RT @nytopinion: "China has masked underlying imbalances by creating an immense housing bubble. And it’s hard to see how this ends well," wr… — PolitiTweet.org
Paul Krugman @paulkrugman
Leaving aside the rest of the craziness, the bitcoin thing gets me. So we're going to descend into Mad Maxish chaos, living off stored food and defending ourselves with personal guns — and also have ready access to the internet? https://t.co/yLn8qA9Wl5 — PolitiTweet.org
Paul Krugman @paulkrugman
We should raise taxes on corporations. But if we can't, or at least not enough, it's OK to borrow for the future https://t.co/zPSywKuECN — PolitiTweet.org
Paul Krugman @paulkrugman
But basically nothing real happened. It was all accounting fictions 5/ — PolitiTweet.org
Paul Krugman @paulkrugman
A cut in the US tax rate induced corporations to unwind a bit of that profit-shifting, causing a brief dip in reported investment abroad and a brief surge in repatriated profits. 4/ — PolitiTweet.org
Paul Krugman @paulkrugman
What was really happening was almost surely just a rejiggering of the accounting. A large part of reported US investment abroad is just an accounting fiction, resulting from profit-shifting into tax havens 3/ — PolitiTweet.org
Paul Krugman @paulkrugman
On paper, overseas subsidiaries of U.S. corporations were disinvesting and sending funds back to their parent companies via dividends. But there was no real investment surge here 2/ — PolitiTweet.org
Paul Krugman @paulkrugman
For reference: I'm revisiting the 2017 Tax Cut and Jobs Act, which was supposed to induce corporations to bring back the money they had invested overseas. For a few quarters it looked as if something was happening: 1/ https://t.co/TMjRa2wRk3 — PolitiTweet.org
Paul Krugman @paulkrugman
God, I sound like an old guy, don't I? You kids get off my lawn! 10/ — PolitiTweet.org
Paul Krugman @paulkrugman
The main guiding principles are humility — a model is only a model, not The Truth, empiricism — if the facts don't fit your story, change the story — and to always, always remember that economics is about people 9/ — PolitiTweet.org
Paul Krugman @paulkrugman
None of these approaches is better than the others — they play different roles and can, as I said, complement each other. For example, I'd argue that the events surrounding the 2008 financial crisis offered natural experiments that bear on our toy macro models 8/ — PolitiTweet.org
Paul Krugman @paulkrugman
Others do detailed dives into the richness of history; and there is a role for rigorous theoretical modeling to derive general principles, even if the assumptions of those models should always be taken with a grain of salt 7/ — PolitiTweet.org
Paul Krugman @paulkrugman
My own academic work generally involved a different strategy: devising toy models that offered a stylized, simplified account of how the world might work, and asking whether those models fit the stylized facts 6/ — PolitiTweet.org
