Paul Krugman

@paulkrugman ↗

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Last Checked April 3, 2023

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Wed Feb 01 13:26:31 +0000 2023

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Paul Krugman @paulkrugman

Here u is unemployment and u* is some version of full employment — with expectations seemingly stable, I don't think we can talk about the NAIRU. And I use the ratio because in a pandemic-disrupted environment full employment may move around 4/ — PolitiTweet.org

Posted Feb. 1, 2023

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Paul Krugman @paulkrugman

The main question seems to me to be what disinflation requires — which is closely connected to why inflation rose so fast. At this point my working hypothesis is nonlinearity: inflation responds much more to demand when the economy is hot. Something like this: 3/ https://t.co/lRFb5xoHmj — PolitiTweet.org

Posted Feb. 1, 2023

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Paul Krugman @paulkrugman

As in the previous picture, what had looked like a flat Phillips curve pre-2020 suddenly seemed very steep, with core inflation (by any measure) shooting up rapidly as the economy overheated 5/ — PolitiTweet.org

Posted Feb. 1, 2023