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I thought the claim was that the equilibrium didn't have a story behind it. Is that not correct? I agree it seems like a bizarre setup, but there is no issue with causality here.
Commented Dec 4, 2013 on Helicopter money does not cause deflation at Worthwhile Canadian Initiative
Helicopter money does not cause deflation
Steve Williamson's latest: "Next, conduct a thought experiment. What happens if there is an increase in the aggregate stock of liquid assets, say because the Treasury issues more debt? This will in general reduce liquidity premia on all assets, including money and short term debt. But we're in a...
Doesn't the Fiscal authority pin down the price in SW's model?
"So people will try to spend their excess supply of money" and the government will raise taxes just enough to absorb the excess supply of money.
Commented Dec 4, 2013 on Helicopter money does not cause deflation at Worthwhile Canadian Initiative
Helicopter money does not cause deflation
Steve Williamson's latest: "Next, conduct a thought experiment. What happens if there is an increase in the aggregate stock of liquid assets, say because the Treasury issues more debt? This will in general reduce liquidity premia on all assets, including money and short term debt. But we're in a...
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