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David Woo on What the Economists Got Wrong About the Stimulus
Odd Lots
What Is a Demand Shock?
A negative demand shock is deflationary. But guess what? A negative supply shock is inflationry. Your supply curves move to the left, push down employment and push up prices. The fed and devite administration continue to respond to co as though it were a negative deman shock. And that, in my view, is going to be a very, very dangerous game to play out.
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