Paul Krugman: The Transformation of Ben Bernanke

I’ve been rereading Larry Ball’s impressive and disturbing what-happened-to-Ben-Bernanke analysis — an analysis that, I happen to know, has caused much consternation in some circles. (“Surely it can’t be just groupthink! There must be very good reasons the Federal Reserve hasn’t done more!”)

And I think there’s a way to further refine Mr. Ball’s analysis, published on Feb. 28 on Vox, the Center for Economic Policy Research’s online policy portal — a way that makes more sense of Mr. Bernanke’s retreat from earlier positions, albeit one that still doesn’t cast a very flattering light on the Fed.