How do Krugman's ideas apply to current inflation?
My work on demand deficiencies is most relevant when economies are stuck in recessions. The current situation with inflation is a different beast, largely driven by supply-side shocks and strong demand that outstrips that supply. While I'm generally wary of tightening monetary policy too aggressively and risking a recession, the focus needs to be on easing supply constraints and managing the demand side appropriately, perhaps through targeted fiscal measures rather than broad-based austerity.
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