krugman.blogs.nytimes.com - 1/18/2009
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No room at the bottom
Jan Hatzius of Goldman Sachs has a very interesting short paper (no link, sorry) that makes it clear just how serious the zero lower bound on interest rates, aka the liquidity trap, is likely to be.
What the paper does is apply the Taylor rule to forecasts of output and ...
numbersusa.com - 1/23/2009
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numbersusa.com —
New Sen. Gillibrand May Be NY's Top Democratic
Champion for the Unemployed (supports keeping illegal aliens out...
of U.S. jobs) By Roy Beck Updated Friday, January 23, 2009, 4:30 PM No Democrat in New York's large congressional delegation has shown ...
(more)
For Lower Immigration Levels - For Lower Immigration Levels
Comments
Blog Reactions
Ileana Ros-Lehtinen Still Doesn't Have Our Interests at Heart
Discourse.net —
... I didn’t hear any of that stuff when she voted — repeatedly — for tax cuts for rich people, did you? But now that the economy requires massive fiscal stimulus to stave off a Depression, now it’s time to ration the children again. ...
The Stimulus Recovery Package
JustOneMinute —
... . Stimulus will still be valuable as long as we’re still up against that bound — which is likely to be the case for a long time . My goodness, Krugman's citation of the 1990/91 recession and the low interest rate environment that followed it is amusing. Let's play a quick word association game: Rubinomics, Clintonomics, " ...
Obama The Conservative
Open Left - Front Page —
... and listening to all sides in a debate, and trying to strike a balance, is a good thing. Conservative in the sense of avoiding rancor and heated argument.
Those are all important values, and in many scenarios I tend to agree that following those values is the right thing to do.
But in the present case, that style of conservatism doesn't apply.
On one side, the economic crisis we face is so frightening that, as Krugman has argued, Quite literally, the usual rules no longer apply. ...
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