Krugman

Archive for Krugman

Krugman and I Are Self-Hating Economists

I was reading this Krugman blog post on the numerous benefits of more inflation, and it occurred to me: A lot of today’s Austrians predict that big price inflation is going to hit, and this troubles them because they think it would be a bad thing. On the other hand, a lot of today’s Keynesians […]

Even Supercore Inflation Might Not Do the Trick

[UPDATE below.] Uh oh. Days after saying that even “core CPI” (regular CPI with food and energy prices taken out) might be overstating the actual danger of inflation, such that maybe the Fed should just be looking at wage growth as the barometer of inflationary pressures, Krugman now blogs: First, Bloomberg reports on signs that […]

Krugman Doubles Down on Inflation

He’s sticking to his guns, I’ll give him that. Krugman has already gone the route of defining the relevant (price) inflation measure as one that strips out energy and food, despite the obvious (and comic) problems with doing that. Now he’s taken his Phillips Curve mindset to the next level: US core inflation has ticked […]

Krugman Speculation Bask

I am honestly not looking to criticize him… Paul Krugman wrote a lot back in 2008 about the lack of a speculative signal in the oil markets. (Specifically, inventories weren’t rising and production wasn’t falling, so the record prices in the summer were due to “fundamentals” he thought.) But I seem to recall that this […]

Klassic Krugman Kontradiction

So there’s a new paper [.pdf], full of regressions, confidence intervals and the like, purporting to show that the Obama stimulus package destroyed jobs on net. Full disclosure of a busy consultant: I didn’t actually read the paper. From reading this critique by Noah Smith of “Noahpinion” (whom I am going to add to my […]

Murphy vs. Fed Economist

This was my debate with Gerald Dwyer, an economist who worked for the Atlanta Fed back in February. I am at a hotel right now for a Mises Circle event so I haven’t been able to watch any of this. On the off-chance that some new readers haven’t heard about it, I have a campaign […]

A Bunch of Drunks Must Have Edited Wikipedia

I am still trying to contain my disbelief that Paul Krugman has doubled down on his claim that Casey Mulligan must have gotten his views about New Keynesianism at a bar. Specifically, Noah Smith pointed out (and I paraphrase), “Gosh, well, I hate to disagree with the mighty Krugman here, but you know there are […]

Paul Krugman, Inflation Denier

In a recent blog post, Krugman provides some graphs of the things “we’re supposed to be worried about,” which he means sarcastically. Namely, bond market confidence and (price) inflation. Here are the charts: Then Krugman concludes: A naive observer might note that interest rates are low by historical standards, making you wonder why we’re obsessing […]