Woodford on Monetary and Fiscal Policy

One question I’ve been asked a lot is why I spent 2009 campaigning for fiscal expansion rather than monetary expansion. Well, at the Keynes conference this morning Mike Woodford gave an overview of policy options when you’re up against the zero lower bound that in some ways expressed better than I’ve managed to what I was thinking at the time. First, Mike argued that monetary expansion once you’re

[okemos]

なぜ利子率ゼロの下限では金融政策ではなく、財政政策が望ましいのかについてのウッドフォードの発表のクルーグマンによる説明。