SCOTT SUMNER NEEDS A BETTER WORK ETHIC: USE THE GOOGLE! IT'S NOT THAT DIFFICULT! DEPARTMENTNo, it certainly isn't, as Prof. Sumner and his Merry Band of Men quickly proved, at all difficult finding instances of DeLong claiming (in the not so distant past) that fiscal stimulus was needed, because monetary policy was out of ammunition. From the plethora of examples, we sample;
And this gem;
DeLong: “MONETARY POLICY HAS REACHED ITS LIMITS… I am not sure these two points of view are consistent–if we are near a liquidity trap, expected open market operations should, after all, have little impact on inflation as well as little impact on real activity.Couldn't have happened to a nicer guy.