Paul Krugman

Paul Krugman


Nobel laureate. Op-Ed columnist, @nytopinion. Author, “The Return of Depression Economics,” “The Great Unraveling,” “The Age of Diminished Expectations” + more.

4612571 followers  •  83 follow  •    •   https://t.co/eyXDbYebpR

So, while I was away the case for inflation panic died. Or actually the cases, plural. For these past few months there have been two inflation stories, both crucially requiring a key failure on the part of the Fed. Now we know both stories are wrong 1/

Not saying that Friedman was a bad economist: he was, in fact, a great innovator. But hard now to see him as being remotely in the same league as, to take a nonrandom example, Keynes 7/

Story #1  said that the Fed's intellectual framework — which makes a key distinction between volatile commodity prices and inertial "core" inflation — was all wrong, and that things like soaring lumber prices were harbingers, not transitory shocks 2/

Timberrrrrr! (Spot lumber prices) 3/

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Excellent CEA post explaining why supply-chain problems look temporary 4/

But last week's FOMC statement plus the "dot plot", while not extremely hawkish, suggested an institution aware that inflation might become a risk and willing to act if necessary 6/

And it has arrived! Now I can do light statistical work in style

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For example, the distinction between volatile and non-volatile prices:

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America's response to the coronavirus is the worst in the world, which is shocking and has a lot to do with a leader who is completely unfit, temperamentally and intellectually, for the job 1/

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Well, Bernie Sanders is now the clear favorite for the Democratic nomination. Lots of things to say about that, but the most important is that he is NOT a left-leaning version of Trump. Even if you disagree with his ideas, he's not a wannabe authoritarian ruler 1/

I don't know if anyone else has said this, but payroll tax cuts are the hydroxychloroquine of economic policy. They won't do anything to solve the employment crisis, but will have dangerous side effects. Yet Trump remains obsessed with them as a cure 1/

Has anyone pointed out that Biden is capable of admitting error? That by itself puts him on a higher moral plane than you know who

Another thought on Arizona's numbers: AZ, with 7 million people, is reporting as many new cases per day as the European Union, with 446 million.

So Rs want Biden to drastically scale back economic relief in the name of bipartisanship. Their offer is insultingly inadequate, and their claims that using reconciliation would "poison the well" are rich given how they rammed through the 2017 tax cut. But there's more 1/

By now we were supposed to have a fading pandemic and a roaring recovery. Instead we have a fading recovery and a roaring pandemic. And its all about bad leadership.

Did I miss Trump saying something about the killing of Judge Esther Salas's son? Or did he exhaust his reserves of compassion feeling sorry for Ghislaine Maxwell?

America's disastrous pandemic response, in one picture

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