A very important paper by Summers and DeLong on fiscal policy in a severely depressed economy. I even knew it was coming - just a crazy week.
This, along with Krugman's prescient 1998 paper on Japan, are going to be two crucial pillars of the "New Old Keynesianism". Let's hope that awful name doesn't stick, but this crisis is going to make a big impact on thinking about the macroeconomy, just like the 1930s and the 1970s did, and this is going to be the narrative that you're going to need to be familiar with.
I know that the hypnotized never lie
5 hours ago