Paul Krugman

@paulkrugman ↗

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Last Checked Aug. 28, 2020

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Tue Jul 28 18:54:45 +0000 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

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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

Just to add that the demand constraint is far more tightly binding now than at any time in the past dozen years, because now we have a pandemic that requires people to NOT work. Crazy to talk about UI without that as the central point 8/ — PolitiTweet.org

Posted July 28, 2020