Posts filed under “Inflation”
Charles Plosser of the Philadephia Fed; if you’ve been following these things, you know that Plosser has been warning about imminent inflation since the beginning of the crisis. He did it in 2008; he did it in 2009; he did it in 2010; he did it in 2011; I’m getting tired here, but you can easily find him doing the same in 2012 and 2013. And he has of course been wrong all the way — but he’s doing it again.
The thing about academics and ideologues is that they never seem to be willing to correct themselves, despite being obviously and utterly wrong. If I were willing to link to a certain subclass of eejit, I would [Insert Gold bug link here] explaining why hyper-inflation was immiment.
And as a reminder, please note the category is “Really, really bad calls” is filled with so much stupid it really should be allowed to become the 5oth state, taking the place of Florida, the current leader in all things dumb. (I blame the heat)
Why Didn’t Inflation Collapse in the Great Recession? Marco Del Negro, Marc Giannoni, Raiden Hasegawa, and Frank Schorfheide Liberty Street Economics GDP contracted 4 percent from 2008:Q2 to 2009:Q2, and the unemployment rate peaked at 10 percent in October 2010. Traditional backward-looking Phillips curve models of inflation, which relate inflation to measures of “slack” in activity…Read More
click for ginormous chart Source: FRED This morning’s column on Inflation truthers led to some emailers insisting inflation numbers are much higher post crisis than pre. Sorry, but the data says that is simply not true. Play with the attached FRED XL spread sheets all you want, the data is hard to argue…Read More
There is a group of folks who believe that inflation is much higher than the numbers in the official reports. Paul Krugman calls them “inflation truthers.” In the 2000s, I might have been considered part of that crowd. I recognized that inflation data wasn’t being reported accurately, and said as much. I coined the phrase…Read More
Inflation Expectations Stay Steady as the CPI Edges Up William Bednar and Mehmet Pasaogullari After hovering in a narrow range between 1.0 percent and 1.6 percent for eight months straight, annual inflation as measured by the Consumer Price Index (CPI) increased to 2.0 percent in April. Part of the uptick is explained by food prices,…Read More