one thing that wonder about is what if we're not seeing inflation show up in many goods categories because of retail menu costs, but that is starting to change, and in a month or three inflation stats maybe look very differenthttps://twitter.com/sgodofsk/status/1450657636161134592 …
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Replying to @ijgelfand
raise the price high enough and i bet you'll find sellers i have 40 rolls of primo toilet paper in my basement im willing to let go of for $5000 plus shipping. boom new supply
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Replying to @ijgelfand
this won a nobel prize :) no im joking i semi agree with you. main function of price increases in this case is more likely to be efficient rationing by consumers rather than an increase in supply, in the short run just a question of relative elasticity https://www.jstor.org/stable/1913386
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Replying to @ijgelfand
prescott is more or less verboten these days because (i) he was aggressively anti-keynesian and (ii) he thought econometrics was bullshit sadly the east coast establishment won in this fight
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hahahaha i actually love this question, just as a matter of econ is really fucking weird and there are probably models that predict it both ways, and it does sort of screen for flexibility in worldview like "play out both sides of an American chopper meme"
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