“Sidenote: The Fed never worries about an “acceleration” of profits, only wages.”
(i think this piece by @FabiusMaximus01 is basically right, but of course the data say otherwise, right?)https://fabiusmaximus.com/2020/01/16/employment-unemployment/ …
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The Fed has near-zero role in these labor market dynamics. Real per capita GDP is growing at a slow steady pace with low inflation. That's all they can do, or should do.
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That was not my point here. For monetarism there exist not really a problem of "money used for non GDP transactions". "Stability of price" but not for the price of assets. So there is a leak coming with "acceleration of profit". The result of this is interesting. /1
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