Fiscal Policy: Tyler Cowen Has Five Strange Propositions

I'm not sure what he is getting at here. But I do have answers:

TC: The monetary authority moves last anyway.

Yes, the central bank can neutralize any additional fiscal stimulus by raising interest rates. (It is not clear that it can undo any fiscal contraction by some combination of lowering interest rates and quantitative easing: it may be able to.) What is clear is that the U.S. Federal Reserve and the Bank of England are right now definitely not in a place where they would...