Everybody interested in macroeconomics or macroeconomic policy should know this topic backwards and forwards by heart. My problem is that I do not see how I can add value to it. The only thing I can think of to do is to propose two rules:
- Paul Krugman is right.
- If you think Paul Krugman is wrong, refer to rule #1.
I do wish that those who were not bad actors who made mistakes would 'fess up to them. Those who don't will get moved to the "bad actor" category: and, yes, I am looking at you, Marvin Goodfriend.
The only remaining question, I think, is whether these should all be read in chronological or reverse chronological order. I find myself torn, with arguments on both sides having force:
Paul Krugman (2018): It’s Baaack, Twenty Years Later https://www.gc.cuny.edu/CUNY_GC/media/LISCenter/pkrugman/Its-baaack.pdf
Olivier Blanchard and Daniel Leigh (2013): Growth Forecast Errors and Fiscal Multipliers https://delong.typepad.com/wp1301.pdf
Paul Krugman (2011): Ricardian Confusions() https://krugman.blogs.nytimes.com/2011/03/10/ricardian-confusions-wonkish/
Paul Krugman (2009b): One more time https://krugman.blogs.nytimes.com/2009/04/06/one-more-time/
Paul Krugman (2009a): A Dark Age of macroeconomics https://krugman.blogs.nytimes.com/2009/01/27/a-dark-age-of-macroeconomics-wonkish/
Ben Bernanke (1999): Japanese Monetary Policy: A Case of Self-Induced Paralysis? https://www.princeton.edu/~pkrugman/bernanke_paralysis.pdf
- Paul Krugman (1998): It's Baaack: Japan's Slump and the Return of the Liquidity Trap https://delong.typepad.com/krugman_its_back.pdf