Thursday, December 13, 2012

Paul Krugman: "Brad, Don't Get Too Excited."

Paul Krugman, "Lost Decade Watch"
The New York Times, December 13, 2012
available at
Mr. Krugman is considerably less excited than Brad DeLong about the changed position of the Federal Reserve concerning explicit inflation targeting linked to unemployment.

"Awesome failure of policy" is rarely something I want to hear from a Nobel Prize Winner in Economics.