Paul Krugman

@paulkrugman ↗

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Last Checked May 16, 2022

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Thu Mar 17 18:19:41 +0000 2022

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Paul Krugman @paulkrugman

So if you say something like "Interest rates are only 0.25% but inflation is 6, so we have minus 6.25% real interest rates" you're not talking about the real rate that matters, which isn't nearly that low 14/ — PolitiTweet.org

Posted March 17, 2022

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Paul Krugman @paulkrugman

Expected inflation is very front-loaded; real interest rates over the next year are very negative, but not so much so if we look at the implicit rates starting 1 or 2 years from now. And I'd argue that those are the relevant real rates for investment in structures 13/ — PolitiTweet.org

Posted March 17, 2022

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Paul Krugman @paulkrugman

I still don't know whether the Fed's proposed trajectory for rate hikes is right. But right now , once you take front-loading into account, it implies a real interest rate for, say, late 2023 that isn't far out of line with where rates were pre-pandemic 15/ — PolitiTweet.org

Posted March 17, 2022