Discover and read the best of Twitter Threads about #stagnation
Most recents (5)
History is written by the winners, which is why #Luddite is a slur meaning "technophobe" and not a badge of honor meaning, "Person who goes beyond asking what technology does, to asking who it does it *for* and who it does it *to*."
locusmag.com/2022/01/cory-d… 1/
locusmag.com/2022/01/cory-d… 1/
If you'd like an essay-formatted version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2023/02/07/ful… 2/
pluralistic.net/2023/02/07/ful… 2/
The fastest-growing developed economy in the West, the US, has just released #growth figures for Q3: 2% annualized (down from Q2 recovery of 6.7%).
[Reminder: growth<0 is #recession, low growth is #stagnation.]
It also released the corresponding #inflation of 5.7%.
#stagflation
[Reminder: growth<0 is #recession, low growth is #stagnation.]
It also released the corresponding #inflation of 5.7%.
#stagflation
Everything is temporary, depending on chosen timescale!
cnbc.com/2021/11/03/fed…
[#Fed] statement kept the word “transitory” to describe price increases that are running at a 30-year high, though it qualified the term somewhat by saying pressures are “expected to” be temporary.
cnbc.com/2021/11/03/fed…
[#Fed] statement kept the word “transitory” to describe price increases that are running at a 30-year high, though it qualified the term somewhat by saying pressures are “expected to” be temporary.
Today’s US data for Q3:
Unit labour costs (QoQ) is +8.3% (vs 1.1% in Q2).
Unit labour costs (QoQ) is +8.3% (vs 1.1% in Q2).
I did not look at this slide for a long time. But now I am concerned. We are about to complete four years of ZERO change in WGS costs, the longest stagnation in the past 20 years.
#stagnation
#stagnation
In fact, in the past 8 years, WGS is moving slower than Moore's law.
The reason? My bet is a lack of competition. I am old enough to remember the fun days at AGBT when every night we had a party by a different sequencing company. Not any more. And we all pay the price.
When #stagnation and #inflation occur at the same time, the determination of #monetarypolicy is usually more difficult.
At this point, the inter-bank market #interestrate tends to be volatile in the short term, and its final trend still depends on the change of aggregate #demand after the #cost shock recedes.
Particularly, empirical research shows that #housing #price, rather than #exchangerate, has restricted the marginal adjustments of #monetary #policies in #China to a certain extent.
By Wu Ge:
mp.weixin.qq.com/s/revqEiYfyO22…
By Wu Ge:
mp.weixin.qq.com/s/revqEiYfyO22…
Great talk by @martinwolf_ at the 46th Economics Conference @oenb @suerf_org on escaping the #trap: secular #stagnation, monetary #policy and financial fragility
Before the outbreak of the global financial crisis @martinwolf_ saw himself as an orthodox economist - now suggests to read Minsky, Godley et al.
'Everything depends on everything else' - eternal truth by @martinwolf_
