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https://twitter.com/RobinBrooksIIF/status/1499438042280517640Moreover, the Russian economy is about to experience likely an unprecedented dislocation, causing a significant recession, all while macro-stabilization tools are unavailable. How does Russia produce things without crucial inputs? Hitting energy is worse but likely unnecessary.
https://twitter.com/postopinions/status/1375426491467640833The first correction to make is that we definitely don’t want to perfectly enforce the tax law. Extracting the last dollar owed is likely to incur a resource cost that far exceeds the social value of the revenue raised. Instead, we should think of enforcement as a trade-off. 2/4
https://twitter.com/shamiltonian/status/1244510801920028672This is a per-worker wage subsidy. @stanveuger and I called for a revenue-loss subsidy in our @FinancialReview op-ed on Wednesday, below. At that point the government had ruled it all out. I noticed some uncannily similar language in the presser. 2/13
https://twitter.com/SHamiltonian/status/1238435129133010944First, pumping up the economy with cash stimulus payments will be impossible because the spending response will be strongly impaired. So the goal of cash payments should not be to target those most likely to spend, but rather those who will be hit hardest by the downturn. 2/4