This is quite timely, given the way Krugman and people like David Beckworth are talking past each other on the prospect of QE II. Either the zero interest rate bound means something for monetary policy, or it doesn't. Either expectations wag reality, or they don't. Maybe we'll find out as this unfolds.
It'a also the first time I've seen anyone, other than me, pay the scantest attention to the death of the M1 multiplier, so I think that's pretty cool.
It's clever, and it also sounds pretty good. Enjoy!
H/T to Calculated Risk.
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