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What Bailey fails to understand is that what he is calling "printing money" is not more inflationary than running bond sales the way we do now. In fact, the opposite is almost certainly the case. https://twitter.com/Reuters/status/1246847716753317890
What Bailey fails to understand is that what he is calling "printing money" is not more inflationary than running bond sales the way we do now. In fact, the opposite is almost certainly the case. https://twitter.com/Reuters/status/1246847716753317890
If he disagrees, then he is disagreeing with a lot of people (MMTers and non-MMTers alike). @stf18 and I laid it out here https://ftalphaville.ft.com/2013/12/12/1721592/guest-post-the-helicopter-can-drop-money-gather-bonds-or-just-fly-away-3/
Non-paywall version here http://neweconomicperspectives.org/2013/12/krugman-helicopters-consolidation.html
Non-paywall version here http://neweconomicperspectives.org/2013/12/krugman-helicopters-consolidation.html
@paulkrugman did it here https://krugman.blogs.nytimes.com/2013/12/09/helicopters-dont-help-wonkish/?smid=tw-NytimesKrugman&seid=auto&_r=0
@LHSummers says it here
Other links, @stf18 ? Borio? Kocherlakota? I know there are others. Bailey can protest all he wants, but his current rationale doesn't hold water.
