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Economic nerds are converging on Jackson Hole for their (our?) annual meeting, and the big story of the event will be a controversial opinion by Larry Summers, which he laid out on Twitter yesterday. He is presenting a paper in which he argues (gasp) that monetary policy isn't as effective as the economics profession has been led to believe. This is nothing new to readers of this site and anyone sympathetic to Post-Keynesian economics. I had publicly argued with Paul Krugman about this topic for years, and it now looks like they're coming