Recently I've been bothered off and on by Scott Sumner's insistence that everyone has it wrong but him, and his regular claims that somehow there's a debate between Keynesians and market monetarists over whether monetary policy is wise right now. He strikes me as inventing enemies because... well I'm not sure exactly why - it seems like a dumb thing to do right now.
In light of that, it's worth reading this new post by Scott on Krugman, where he acknowledges Krguman's support of monetary policy and presents the expectations-based argument that Krugman and other Keynesians make now that we're in a liquidity trap (in which the short-term interest rate mechanism of monetary policy is less relevant to talk about).
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