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Tuesday, April 30, 2013

Me on me on Yglesias

On Monday, April 29, 2013, at 9:30 AM Matthew Yglesias wrote

"I think there's no question that the announcement of QE3 and the Evans rule has proved less potent than I'd hoped it would be and less potent than I'd thought it would be at the time."

He went on to argue that QE3 and the Evans rule worked OK.  

On April 29, 2013 at 07:33 AM

I wrote a comment on Brad DeLong's blog in which I made a confident prediction

predict the those who argue that monetary policy is effective at the zero lower bound would
a) claim that QE4 is a success
b) claim that the failure of QE4 does not provide evidence that they are wrong
or, and most likely,
c) both.
 I do name Beckworth, Sumner and Yglesias here and now.

The 7:33 is Pacific time so my prediction had already been proven false an hour before I made it.
I was wrong.  I misinterpreted Yeglesias's earlier arguments that QE2 and Twist weren't done just right as special pleading.
Yglesias demonstrated intellectual integrity yesterday.  I am trying to demonstrate a bit of it today.

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