Paul Krugman

@paulkrugman ↗

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Last Checked April 13, 2021

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Wed Mar 17 13:17:47 +0000 2021

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Paul Krugman @paulkrugman

Low unemployment and a hot economy do seem to yield somewhat higher inflation; but there has been no sign that this quickly or easily translates into an ever-rising inflation rate. Maybe it's anchored expectations, maybe it's downward wage rigidity, but it's just not there 12/ — PolitiTweet.org

Posted March 17, 2021

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Paul Krugman @paulkrugman

The other big change — and this does mark a change in theory — is that the NAIRU has largely dropped out of discussion — basically because nothing that's happened since 1985 supports an "accelerationist" view of inflation 11/ — PolitiTweet.org

Posted March 17, 2021

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Paul Krugman @paulkrugman

This doesn't mean that inflation is never a concern. But it does mean that the stability of inflation over time does NOT mean that the economy was on average at full employment. Instead, there's now a good case that we've been persistently underemployed 13/ — PolitiTweet.org

Posted March 17, 2021