Chicago economist Casey Mulligan on the "paradox of toil", stimulus, unemployment, Krugman, and liquidity trap.
The Marginal Revolution boys offer their thoughts here and here.
Sumner here.
And here's a link to Krugman's blog, where he has a number of posts on the topic.
Question for liquidity trap proponents: can the Fed actively buy debt (as oppose to passively inflate through zero interest rates), both private and public, to further increase the money supply? If so, would this make fiscal stimulation unnecessary?
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