Paul Krugman may be right

When I was young, Paul Krugman was one of my favorite economists, and I would try to read everything he wrote (which was a lot!). At some point, however, roughly coinciding with his becoming a regular New York Times columnist, he switched from writing as an economist to writing more as a political pundit. I then lost interest. His political commentary struck me as repetitive and slightly unhinged: "Conservatives are stupid, conservatives are evil, yada, yada, yada."

Yet his column in yesterday's paper caught my eye. It's titled "Is the Fed braking too hard?" I have been pondering this question myself, and my instincts tell me the answer may be yes. Paul makes the case well.

Anyway, I am here to recommend the Krugman column, which is something I did not expect myself to be saying.

Update: David Papell and Ruxandra Prodan reach a similar conclusion about current monetary policy.