Paul Krugman

@paulkrugman ↗

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Last Checked July 20, 2022

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Tue Jun 21 18:50:24 +0000 2022

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Paul Krugman @paulkrugman

So far we don't seem to be in that situation. Much hyperventilating about a rise in the Michigan number for long-term inflation expectations, but that was one month's number — not matched by NY Fed survey, which also shows modest wage expectations 6/ https://t.co/Gi2JTVOCTT — PolitiTweet.org

Posted June 21, 2022

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Paul Krugman @paulkrugman

Notice that this is actually a wage-wage spiral, not a wage-price spiral. Anyway, the point is that once you're there you need to break the spiral somehow to get inflation down — say, with a massive multi-year Volcker-type bulge in unemployment 5/ — PolitiTweet.org

Posted June 21, 2022

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Paul Krugman @paulkrugman

The point is that it matters a lot whether we're just overheated, needing a cooling off of demand and a modest rise in unemployment, or we need years of punishment until morale improves — sorry, until expected inflation comes down 7/ — PolitiTweet.org

Posted June 21, 2022