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What is the Liquidity Trap?
In the common usage, popularized by Krugman, a liquidity trap is just a situation where the interest rate set by the central bank has reached zero. Since it can’t go below that (the Zero Lower Bound),...
View ArticleMichael Woodford on the Interdependence of Monetary and Fiscal Policy
(I started writing this post a couple weeks ago and gave up after it got unreasonably long. I don’t feel like finishing it, but rather than let it go to waste I’m putting it up as is. So be warned, it...
View ArticleFinance, Money and Cow Clicking
Finance and its derivatives like financialization, are like many political economy categories: they’re a widely used term but lack an agreed-upon definition. One often encounters formulations like...
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Alternative Visions of Inflation
Like many people, I’ve been thinking a bit about inflation lately. One source of confusion, it seems to me, is that underlying concept has shifted in a rather fundamental way, but the full implications...
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The Politics of Pay-Fors: A Simple Framework
One of the central economic debates among progressives is over the necessity or desirability of accompanying new public spending with similar-sized tax increases. In recent years perhaps the most...
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