Simon Wren Lewis: Missing the Point at the IMF: Noted for August 24, 2013

Simon Wren Lewis: Missing the point at the IMF:

[Ran Bi, Haonan Qu, and James Roaf of] the IMF have just published a working paper entitled: ‘Assessing the Impact and Phasing of Multi-year Fiscal Adjustment: A General Framework’. Or to put it more simply: should austerity be front loaded or delayed?… Honestly, if you… write this:

our framework does not explicitly model the monetary policy response, which could have an important impact on output…

then you have no business using the word ‘Framework’, let alone ‘General’