Paul Krugman thinks he´s been consistently right while others are “usual idiots suspects”:
We are already, however, well into the realm of what I call depression economics. By that I mean a state of affairs like that of the 1930s in which the usual tools of economic policy — above all, the Federal Reserve’s ability to pump up the economy by cutting interest rates — have lost all traction. When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly.
If the Fed cannot cut interest rates it obviously cannot pump up the economy through that venue. Maybe he thinks monetary policy is interest rate policy. It isn´t, but that has been hammered into everyone´s head so that most believe it is!
Luckily FDR did not think it was. He established a price level target and delinked from gold, in effect depreciating the dollar. This was done in March 1933 and the economy reacted immediately, with nominal spending rising fast! That´s a clear example of monetary policy´s power even at the ZLB!