There are a lot of interesting tidbits in this morning’s op-ed by Glenn Hubbard, a Columbia economics professor and one of Mitt Romney’s top advisers. James Pethoukis highlights Hubbard’s endorsement of literature suggesting, against the view of most macroeconomists, that austerity is stimulative in the short-run. But what I found more interesting is the mechanism that Hubbard identifies as the cause of austerity’s allegedly stimulative effect.
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