Wednesday 24 February 2010

Rogoff has been misquoted by the Telegraph I think?

Removal of fiscal stimulus has deflationary implications, not inflationary as stated in the last line of this article.

Fiscal stimulus is inherently inflationary; that is the entire point of it (to counteract other surrounding deflationary forces).

I say he must have been misquoted, because I find it impossible to believe a man of these credentials would misunderstand something as basic as that.

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