I've marveled in the past that there are actually people out there that think we've had a substantial fiscal stimulus. Usually, this error occurs because modern America tends to be biased towards the federal government, forgetting about how significant states and localities are.
Here, David Beckworth points out how weak we've been on monetary stimulus.
But again, you wouldn't even know it reading some people.
Demand, Supply, and Macroeconomic Models
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