Greg Mankiw on the Fiscal Stimulus Package
Greg was asked about this bill and has given his view, which basically consists of three parts: (1) he is not so sure much aggregate demand stimulus is needed; (2) to the degree that it is, he would prefer the use of monetary expansion; and (3) he would see the current package as “reasonable” had we really needed fiscal stimulus. Greg has been making argument #2 for a while and quite ably. It would seem that Greg is more charitable to this bill than either Paul Krugman or yours truly. But do I see at least three votes against this (assuming economists could vote)?