A core Keynesian idea in the international sphere is that trade flows are mainly a function of income growth rather than relative prices. IMO this is important background to current industrial-policy debates. If I had time to write anything, would love to write something on this.

I was on KPFA UpFront yesterday, talking about inflation. I'm afraid the audio quality is quite bad - I need to get a better audio setup. kpfa.org/player/?audio=…

The short-term impact is debatable. But over a longer horizon it seems hard to deny that othe effect of higher interest rate hikes will be to make housing more expensive, not less.

Bought new glasses for my kid yesterday. The price was precisely the same as for his last pair, which I bought a bit over a year ago.

Just saying.

Your periodic reminder: like other CPI days over the past year, today we will be speculating, worrying, and arguing mostly about owner-equivalent rent, a made up and stale price no one actually pays.

Take it out (like European HICP does), and the story looks like this.

I hear there's a debate about a certain superpower's government-subsidized overcapacity that far outstrips domestic demand and that is flooding global markets and stoking conflict.

Glad the issue is finally on the table.

I've mostly dropped out of the inflation debate over the past few months. Catching up now by reading Joey Politano 🏳️‍🌈 and Employ America. And what I'm learning is that the case that inflation was entirely a matter of transitory supply disruptions is even stronger than I'd thought.

What a fantastic graph from Joey Politano 🏳️‍🌈, showing both how thoroughly Keynesian the economy is in normal times, and how exceptional the pandemic period was. (I didn't even know this survey existed.) apricitas.io/p/us-supply-ch…

For comparison, in 2020 fewer than 5% of primary ballots were blank.

This has seemed like a big part of the story to me for a while. Glad to see it explored more systematically.

Please share widely, the application process for starting our MA program this upcoming Fall has started!
johnjayeconomics.org/how-to-apply/
For more info, contact the graduate program director, Ian J. Seda-Irizarry [email protected]

Branko Milanovic It refers really to a different kind of blindness with taking the global distribution of income as both fixed and fair, but still JW Mason's 'Maurice Obstfeld, Globalist' piece came to mind as I was reading yours.

jwmason.org/slackwire/obst…

Big thanks to zac hale and the other John Jay econ grad students who organized this event.

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