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By Scott Sumner
This will be a very weird summer. By June 6th, everyone who wants a vaccine will have had at least one shot. People will still be dying of Covid, but the situation will seem much different. People will begin to act like the pandemic is over. But what will the new normal look like? We won't know for an additional three months, not until the extended unemployment compensation expires on September 6th. Until then, we'll have a very unusual period...
More specifically, what causes non-Covid recessions? Here's Nick Rowe's answer: At some level, Nick and I basically agree. But I am going to answer the question slightly differently. It's not necessarily wrong to say recessions are caused by money hoarding, or by interest rates being...
You said: "Any crappy job will be filled if an employer offers enough money AND has effective and supportive management." And then cut wages sharply in the fall? Don't forget that wages are sticky in the downward direction. These problems do not have simple solutions, or businesses would have already found answers.
Scott Sumner , April 19, 1:30 am.
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Business Cycles Apr 6 2021
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