Michael Woodford quoted in New York Times
Professor Michael Woodford was quoted in New York Times
This Guy Says the Fed Has Got Everything Precisely Backward
“Even when the private sector holds a lot of government debt, this effect can dominate,” Dr. Woodford wrote. Also, he wrote, if the government sees it’s shoveling out too much money in interest, it could cut other spending or raise taxes, offsetting the stimulative effect of interest payments.