It's a valid point and an important one. Good on him for writing it.
The problems are 1) he wrote "conservatives" when he should (also) have written "economists); 2) he himself produces academic work and, more consequentially, textbooks, where business decisions do respond >
The problems are 1) he wrote "conservatives" when he should (also) have written "economists); 2) he himself produces academic work and, more consequentially, textbooks, where business decisions do respond >
> strongly to interest rates and other incentives; 3) if US monetary policy works largely through exchange rate changes, how is that any different than what gets dubbed "manipulation" when China does it?
