>professor? >surely not an economist? >amherst in bio every fucking timehttps://twitter.com/profwolff/status/1448680245406564354 …
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in reality it doesn't. macroeconomists hate this, but plot cpi and exchange rates on the same plot. makes it look like different segments of the dollar market basically completely disconnected. the truth is that CPI "inflation" has virtually nothing to do with monetary inflation
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threw this together real quick in mathematica. during inflationary periods you can see things are as the textbook says, but during monetary deflation, inverse dxy decouples from cpi and ppipic.twitter.com/OXfbptXwSV
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