Paul Krugman

@paulkrugman ↗

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Last Checked July 9, 2022

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Sun Jun 05 13:09:21 +0000 2022

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Paul Krugman @paulkrugman

Yields on interest-bearing assets rise with inflation (Fisher effect), and in fact real yields were higher in the 4% Reagan years than the 2% more recent period (yes, there are other reasons, but still) 3/ https://t.co/6ggmrmp26p — PolitiTweet.org

Posted June 5, 2022

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Paul Krugman @paulkrugman

Anyway, I thought two points were worth responding to. The first was that at 4 percent inflation, the value of a dollar halves in 18 years. Which is true. But would a higher inflation target penalize savers? Only if they held their wealth in cash under the mattress 2/ — PolitiTweet.org

Posted June 5, 2022

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Paul Krugman @paulkrugman

True, there's around $2 trillion in cash out there, facing the full inflation tax. But 85% of that is $100 bills, which are probably for the most part held by people we'd *like* to make poorer 4/ — PolitiTweet.org

Posted June 5, 2022