In effect, Japan in the Nineties offered a fresh opportunity to test the views of Friedman and Keynes regarding the effectiveness of monetary policy in depression conditions. And the results clearly supported Keynes's pessimism rather than Friedman's optimism. (Paul Krugman)

In effect, Japan in the Nineties offered a fresh opportunity to test the views of Friedman and Keynes regarding the effectiveness of monetary policy in depression conditions. And the results clearly supported Keynes's pessimism rather than Friedman's optimism.

Paul Krugman

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depression effectiveness fresh japan nineties opportunity pessimism Keynes Friedman

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