Paul Krugman

@paulkrugman ↗

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Last Checked Aug. 28, 2020

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Tue Jul 28 18:51:59 +0000 2020

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Paul Krugman @paulkrugman

And since 2008 we've consistently been limited by the demand constraint: the Fed has almost never achieved its 2% inflation target, bc monetary policy constrained by zero lower bound, and fiscal support almost never sufficient 6/ https://t.co/ZkV8QQBWhU — PolitiTweet.org

Posted July 28, 2020

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Paul Krugman @paulkrugman

So, where do we find ourselves on that curve? It could be a policy choice, e.g., the Fed sets policy to achieve its inflation target. But maybe policymakers can't or won't do enough to assure adequate demand. In that case, the level of demand sets unemployment 5/ https://t.co/Q476akItjL — PolitiTweet.org

Posted July 28, 2020

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Paul Krugman @paulkrugman

So what happens if you expand UI? It might — might — reduce incentives to work, shifting the Phillips curve up and to the right. But it also increases aggregate demand. And because demand, not inflation, is the binding constraint it REDUCES unemployment 7/ https://t.co/0EikpIga73 — PolitiTweet.org

Posted July 28, 2020