Paul Krugman

@paulkrugman ↗

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Last Checked Feb. 13, 2022

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Fri Jan 07 14:23:02 +0000 2022

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Paul Krugman @paulkrugman

The thought process that led me to this column began with my recalling James Tobin's underappreciated 1972 analysis of the role of nonlinearity in producing inflationary bias 3/ https://t.co/Autloqc13f — PolitiTweet.org

Posted Jan. 7, 2022

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Paul Krugman @paulkrugman

But I didn't miss this point — it was actually the main motivator for the analysis, just too hard to lay out explicitly in a general-public column 2/ https://t.co/PeBqcQLbr7 — PolitiTweet.org

A point he missed is that the demand rotation to goods is by itself inflationary because of nonlinear Phillips curv… https://t.co/qzxqQfLEcw

Posted Jan. 7, 2022

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Paul Krugman @paulkrugman

And the point is that when this bias is temporarily increased by a skew away from the normal pattern of demand, it makes sense to accommodate this skew with a temporary rise in inflation 4/ — PolitiTweet.org

Posted Jan. 7, 2022