Price Shocks, Wages, and NGDP
February 02, 2011 at 12:04 PM EST
I almost always agree with Paul Krugman’s views on inflation. We’ve both been skeptical of claims that US monetary and fiscal policy will produce high inflation. Krugman points to the economic slack in the economy, I focus on TIPS spreads. In a recent post, Krugman made the following observation: . . . if we think [...]