Inflation & Prices
Larry Summers Doesn’t See How Wage Inflation Can Fall Without a Recession
Larry Summers
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Former Treasury Secretary Larry Summers responded to a New York Times opinion piece by Paul Krugman on inflation, saying “team transitory” arguments in favor of a dovish Fed policy are “tendentious & selective.”
On the specific issue of wage inflation, Summers doesn’t see how it will come down significantly without “a meaningful recession.”