Paul Krugman

@paulkrugman ↗

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Last Checked Feb. 18, 2023

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Sun Jan 01 18:36:01 +0000 2023

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Paul Krugman @paulkrugman

The late John Williamson mocked the contrary view as the "doctrine of immaculate transfer". There's a similar doctrine of immaculate inflation, which has nominal demand driving inflation without somehow affecting the incentives of workers and firms 5/ — PolitiTweet.org

Posted Jan. 1, 2023

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Paul Krugman @paulkrugman

But exporters and importers don't care about accounting identities. They care about costs and opportunities; something that affects these, like the real exchange rate, must shift to make the identities hold 4/ — PolitiTweet.org

Posted Jan. 1, 2023

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Paul Krugman @paulkrugman

It's precisely because inflation isn't immaculate that we worry about things like supply shocks and wage-price spirals — and why estimating the cost of disinflation is so hard 6/ — PolitiTweet.org

Posted Jan. 1, 2023