He loves to have liberals like Yglesias make his case so he can say 'Even the liberal Keynesian Yglesias says Obama has failed on monetary policy. Very happily he quotes him here:
"The viewpoint that there is nothing the Federal Reserve can do to boost the economy when short-term interest rates are already at zero, leaving deficit spending as the only effective stimulus option, is not believed by most experts.'
http://www.themoneyillusion.com/?p=27571
Sumner gloats:
"Some commenters tell me “we Keynesians agree the Fed should do more stimulus, the problem is the right wing.” That’s half right. The right wing is a problem, but so are the Keynesians. Keynesians overwhelming oppose additional monetary stimulus, according to polls. I base that on the fact that only about 5% of economists favor more stimulus, and most economists are Keynesians. Furthermore, some of the economists who do favor additional stimulus are non-Keynesians."
I don't get it: Sumner says that most economists are Keynesians yet I thought that he had 'driven a stake into the heart of Keynesianism' because he won a bet with Krugman last year. Now he admits that he might have overstated the case for this a little
Clearly one logical generalization we cant make is that all economists are logical as his logic is kind of spotty here. He also contradicts Yglesisas himself here by saying that most economists 'oppose stimulus' as Yglesias had said that the liquidity trap is not believed by 'most experts.' The trouble is that this claim that most 'experts' or 'economists' believe unconventional monetary policy works beyond a shadow of a doubt is just plain false.
http://diaryofarepublicanhater.blogspot.com/2014/09/scott-sumner-vs-simon-wren-lewis-on.html
I gave Sumner credit earlier for calling the Scottish election early but pointed out that it doesn't therefore make full monetary offset true.
http://diaryofarepublicanhater.blogspot.com/2014/09/scotland-just-says-no-as-foucault-rolls.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+DiaryOfARepublicanHater+%28Diary+of+a+Republican+Hater%29
Nothing here makes it remotely true either.
"The viewpoint that there is nothing the Federal Reserve can do to boost the economy when short-term interest rates are already at zero, leaving deficit spending as the only effective stimulus option, is not believed by most experts.'
http://www.themoneyillusion.com/?p=27571
Sumner gloats:
"Some commenters tell me “we Keynesians agree the Fed should do more stimulus, the problem is the right wing.” That’s half right. The right wing is a problem, but so are the Keynesians. Keynesians overwhelming oppose additional monetary stimulus, according to polls. I base that on the fact that only about 5% of economists favor more stimulus, and most economists are Keynesians. Furthermore, some of the economists who do favor additional stimulus are non-Keynesians."
I don't get it: Sumner says that most economists are Keynesians yet I thought that he had 'driven a stake into the heart of Keynesianism' because he won a bet with Krugman last year. Now he admits that he might have overstated the case for this a little
Clearly one logical generalization we cant make is that all economists are logical as his logic is kind of spotty here. He also contradicts Yglesisas himself here by saying that most economists 'oppose stimulus' as Yglesias had said that the liquidity trap is not believed by 'most experts.' The trouble is that this claim that most 'experts' or 'economists' believe unconventional monetary policy works beyond a shadow of a doubt is just plain false.
http://diaryofarepublicanhater.blogspot.com/2014/09/scott-sumner-vs-simon-wren-lewis-on.html
I gave Sumner credit earlier for calling the Scottish election early but pointed out that it doesn't therefore make full monetary offset true.
http://diaryofarepublicanhater.blogspot.com/2014/09/scotland-just-says-no-as-foucault-rolls.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+DiaryOfARepublicanHater+%28Diary+of+a+Republican+Hater%29
Nothing here makes it remotely true either.
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