, 4 tweets, 2 min read Read on Twitter
A blast from the past. Way back when, there was a debate over whether Iceland's relatively mild slump and fairly quick recovery -- despite an epic banking crisis - showed the advantages of a flexible exchange rate 1/ krugman.blogs.nytimes.com/2010/06/30/the…
I'm working on a book, and revisited one of the key comparisons -- with Ireland. You don't hear so much about that now, since Ireland eventually clawed its way back. But revisiting the numbers, they're still striking 2/
By the way, if you are trying comparisons of, say, GDP rather than employment, be aware that Irish numbers can be hugely distorted by "leprechaun economics" -- spurious shifts in corporate reporting driven by tax avoidance 3/ en.wikipedia.org/wiki/Leprechau…
Not dissing the Irish in any way here. Just pointing out that one of the big lessons of the euro crisis, that monetary rigidity can carry big costs, remains vindicated by experience 4/
Missing some Tweet in this thread?
You can try to force a refresh.

Like this thread? Get email updates or save it to PDF!

Subscribe to Paul Krugman
Profile picture

Get real-time email alerts when new unrolls are available from this author!

This content may be removed anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just three indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!