Paul Krugman

@paulkrugman ↗

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Last Checked May 20, 2022

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Thu Mar 24 15:23:38 +0000 2022

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Paul Krugman @paulkrugman

Employers were locking in large, multi-year cost increases because everyone expected high inflation to continue indefinitely, so their competitors would be in the same position. That was why disinflation — which came as a big surprise — was so costly 2/ — PolitiTweet.org

Posted March 24, 2022

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Paul Krugman @paulkrugman

People worrying about a return to 70s-type stagflation should look beyond the macro series and look at what wage- and price-setters were doing. From the Feb. 1980 Monthly Labor Review: 1/ https://t.co/MbEfK9sWLZ — PolitiTweet.org

Posted March 24, 2022

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Paul Krugman @paulkrugman

Nothing like that is happening now. Large wage increases for some workers, but it's just supply and demand, not expected future inflation. Medium-term inflation expectations mostly anchored — rising breakevens mainly reflect current oil shock 3/ — PolitiTweet.org

Posted March 24, 2022