Fiscal Policy Is Much More Effective When You Need It

M m t wants to go back to the immediate post world war period and ignore what happened in the seventies and eighties. Andyouno: I just think that that ignores the lesson of history. There are times when fiscal policy is very effective, if deflation or secular stagnation is your problem. And so what you want is a framework that empowers fiscal policy when you need it, but allows you to use monetary policy too.