Paul Krugman

@paulkrugman ↗

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Last Checked Oct. 26, 2022

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Mon Oct 10 11:52:45 +0000 2022

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Paul Krugman @paulkrugman

Many economists, myself included, have a working model of inflation that looks something like this (doesn't have to be linear): Inflation = a - b*u + expected inflation + other stuff where u is unemployment rate. Measures of "core" inflation try to clean out other stuff 2/ — PolitiTweet.org

Posted Oct. 10, 2022

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Paul Krugman @paulkrugman

I'll probably write about the (much-deserved) financial crisis Nobel in tomorrow's newsletter (no col today). Right now some notes about inflation — specifically, why I'm baffled at economists who should know better talking about "sacrifice ratios" 1/ — PolitiTweet.org

Posted Oct. 10, 2022

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Paul Krugman @paulkrugman

Lots and lots of ways to criticize this — in particular, it's delusional to imagine that we have solid estimates of a and b — but the general idea that inflation depends on economic slack and expectations, other things equal, is reasonable. 3/ — PolitiTweet.org

Posted Oct. 10, 2022