Wage-Price Spirals: Theory, Evidence, 1970s vs 2022
Wage-price spirals require wage indexation, weak monetary anchors, and unanchored expectations. The 1970s satisfied all three; 2022 did not. The...
1970s inflation
Stagflation Explained: When Inflation and Recession Hit Together
Stagflation explained: the macroeconomic configuration in which inflation and recession arrive together, breaking the standard policy trade-off and binding central...