Paul Krugman

@paulkrugman ↗

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Last Checked Oct. 24, 2022

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Sat Oct 08 14:51:56 +0000 2022

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Paul Krugman @paulkrugman

This model could be wrong! Hoping that @Claudia_Sahm will explain why she wants to ban the Phillips curve (and how to replace it) when we have a CUNY event on the 19th 2/ — PolitiTweet.org

Posted Oct. 8, 2022

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Paul Krugman @paulkrugman

A thread on Fed policy, explaining — partly to myself — where I'm coming from. The first thing to say is that in a *qualitative* sense my views are depressingly mainstream. My working model is that inflation, other things equal, reflects unemployment and expected inflation 1/ — PolitiTweet.org

Posted Oct. 8, 2022

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Paul Krugman @paulkrugman

But if you accept that model, there is at any given time an unemployment rate — u* — at which actual inflation will more or less match expected inflation. (Don't like calling it a NAIRU — with anchored expectations, which we seem to have, u<u* doesn't cause accelerating inf) 3/ — PolitiTweet.org

Posted Oct. 8, 2022