Yeah the stagflation section was so weird that it made me discount the rest of the essay...
You can't demonstrate stagflation with just the inflation time series. That only demonstrates inflation. You need another time series, or a compound metric of some kind, to demonstrate stagnation alongside inflation.
I don't think any period in my working lifetime has been one of stagflation. We have had stagnation without inflation, and inflation without stagnation, but not both at once.
You can't demonstrate stagflation with just the inflation time series. That only demonstrates inflation. You need another time series, or a compound metric of some kind, to demonstrate stagnation alongside inflation.
I don't think any period in my working lifetime has been one of stagflation. We have had stagnation without inflation, and inflation without stagnation, but not both at once.