Real final demand (excluding inventories) is up 2.6% over the past two years. That's well short of normal growth in potential output 2/pic.twitter.com/CK4M5DpkQm
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Trying to clarify my own thoughts on inflation. I got inflation wrong; I didn't see the current surge coming. But why? I didn't think the fiscal stimulus early this year would boost demand as much as Summers et al predicted ... and, in fact, so far it hasn't 1/
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What's happened, however, is that we've faced supply constraints, both supply-chain issues in meeting huge demand for durable goods and withdrawal of workers from the labor force, i.e. Great Resignation 3/
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This doesn't say that the inflation will necessarily be transitory, although I think that's still the best bet. But it is important to realize that the story is more complicated than excessive stimulus 4/
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This is a very good analysis of where we appear to be at right now 5/https://theovershoot.co/p/the-case-for-patience-on-inflation …
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doesn't Keynes recommend raising rates here? what are you going to recommend here
Kiitos. Käytämme tätä aikajanasi parantamiseen. KumoaKumoa
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Bumps in the supply chain; worker shortage?
Kiitos. Käytämme tätä aikajanasi parantamiseen. KumoaKumoa
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@LHSummers got the#inflation right. Inflation won’t peak until March 2022.Kiitos. Käytämme tätä aikajanasi parantamiseen. KumoaKumoa
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Did you factor in oligarch greed? An artificial raising of prices simply to cash in?
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Also, raising prices to compensate for finally having to offer a living wage, so that their record breaking profits don't take a hit - the rest of us do?
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what are other countrys/economies experiencing? hard for me to believe fiscal stimulus is solely to blame for larger macro supply/demand issues.....
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It's not. Prices are up globally and corporations are using the inflation to hide their price gouging...
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