Paul Krugman

@paulkrugman ↗

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Last Checked Oct. 26, 2022

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Mon Oct 10 12:20:22 +0000 2022

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Paul Krugman @paulkrugman

So, can we estimate the NIRU? Not well! A few months ago high vacancies and nominal wage growth seemed to suggest u* considerably above where we are now. But vacancies and wage growth have been coming down. We'll see 11/ — PolitiTweet.org

Posted Oct. 10, 2022

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Paul Krugman @paulkrugman

In that case there's no need for a period of excess unemployment, of u>u*. We don't have a NAIRU; I guess we have a NIRU, for normal inflation rate of unemployment. And getting u to the NIRU, aka u*, is all we need 10/ — PolitiTweet.org

Posted Oct. 10, 2022

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Paul Krugman @paulkrugman

What seems really clear is that pronouncements to the effect that we need an x percent rate of unemployment for one year or a y percent rate for three years or whatever to tame inflation embody a sacrifice ratio approach that hasn't worked for decades 12/ — PolitiTweet.org

Posted Oct. 10, 2022