Paying the Covid BillThe death and disruption were bound to create real economic losses, even if things are better now than what one might have feared in the spring of 2020…
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Inflation, Rents, and the Labor MarketTying together some threads from recent data releases
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Fumio Kishida's "New Japanese Capitalism" Might Be Just What the Country NeedsThe country's new prime minister says he wants a "virtuous cycle in which raising the incomes of a wide range of people stimulates consumption"
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The Delta Jobs Slowdown?Four quick thoughts on what looks like unpleasant news
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My public radio interviewThanks to Roben Farzad for having me on his show, where we talked about everything from rental car fleets to aging in China and the Spanish Flu
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Who Is Financing the Federal Government?From a consolidated perspective, the answer is (mostly): the federal government. But foreign demand is roaring back in 2021.
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The Federal Reserve Wonders What "Maximum Employment" MeansThe latest forecasts of inflation, unemployment, and interest rates under "appropriate monetary policy" reveal some intriguing disagreements.
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The Global Implications of the German ElectionDecades of underinvestment, excessive taxation, and anti-Europeanism might finally come to an end. Or not.
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How America Has Financed Its Pandemic-Era Trade Deficits: Printing MoneyNet issuance of repos, bank deposits, and physical currency have covered much of the gap so far.
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Margins, Wages, Input Costs, and InflationThinking through the PPI-CPI-PCE disconnect, plus some details on health care inflation
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America's Inflation Story Is Entering a New PhaseIdiosyncratic price spikes due to reopening and troubles in the motor vehicle supply chain are fading or reversing. But keep an eye on housing, health …
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The Smart Reason to be Worried About Inflation: a Conversation with Kevin FerryWhat would happen if the pandemic never really "ends"?
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