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Mike Konczal: NK macro framework better fit for 2021–2023 inflation shocks

Mike Konczal: NK macro framework better fit for 2021–2023 inflation shocks
NK macro fit for 2021–2023 inflation

Mike Konczal argued that the New Keynesian macroeconomic framework, which he describes as poorly suited for the Great Recession, was better suited to navigating the inflation shocks of 2021–2023 and contributed to a soft landing.

Konczal also observed that there is substantial criticism of the framework's recent success.

Konczal previously cited higher interest rates as a potential check on U.S. deficit expansion and AI sector spending in a recent note (here). He also reported data showing 51,000 jobs gained over the past three months, with unemployment holding near 4.1 percent but real wage growth remaining slow (here). Both developments add context to the current debate around macroeconomic models and policy responses.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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