Paul Krugman

@paulkrugman ↗

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Last Checked Aug. 30, 2022

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Fri Jul 29 20:57:43 +0000 2022

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Paul Krugman @paulkrugman

Stylized picture of paths the US economy might have followed after, say, January 2021. It could have converged smoothly to potential (path B); in fact, it clearly overshot and is now on its way back down (path A) 4/ https://t.co/Td56recrSY — PolitiTweet.org

Posted July 29, 2022

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Paul Krugman @paulkrugman

But while this was an intellectual and predictive error, which I shared in, I remain puzzled by the certainty that it was a costly policy error. 3/ — PolitiTweet.org

Posted July 29, 2022

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Paul Krugman @paulkrugman

So on path A we experienced higher inflation, but also had more employment and output. Why is that such a terrible thing? The story — the one the Fed fears — is that inflation becomes entrenched in expectations, and takes years of BELOW normal employment to reverse 5/ — PolitiTweet.org

Posted July 29, 2022