A Hillary Clinton presidency would represent a third Obama term, prominent liberal columnist and economist Paul Krugman said Monday.

"It's a continuation. It is Obama's third term," the Nobel-winning economist said in an interview on Bloomberg TV. "It's center-left governance with fairly cautious proposals."

Krugman, who has advocated for liberal economic policies and greater fiscal stimulus, has written that Clinton and her advisers have been cautious in their estimates of the economic growth her proposals would produce.

Although some of her plans are "fairly significant," he said, such as her proposed tax increases on high-income earners, overall "it's the same kind of governance we've had."

Republicans have sought to tie Clinton to Obama, arguing that electing her essentially would be giving him a third term.

In recent months, however, Obama has returned to favorable approval ratings and is regarded much more favorably than Clinton or her Republican opponent, Donald Trump.