Tell-Tale Sign
March 09, 2010 at 17:06 PM EST
In 2008, I was of the opinion that easy monetary policy cannot explain much of the housing boom. When Professors Krugman and Delong came to agree with me, I immediately realized that I was likely wrong! Here was my 2008 reasoning: “Suppose that annual real interest rates were going to be one percentage point (100 basis points) [...]