Yes, that was a problem that the Keynesians in the UK could not solve. The US inflation was more complex, because it was also driven in part by the spike in energy price during the oil crisis.
FYI I already commented to the poster that the IMF study that Roberts quoted used data from the 1970s-2010s, when the NAIRU framework was already firmly in place, so wage increase has already been heavily curbed. No surprises there at all.
Doesn’t Wray talk about a few instances of a spiral during his mmt talks? His take was that they do happen but only at absolute full employment.
Yes, that was a problem that the Keynesians in the UK could not solve. The US inflation was more complex, because it was also driven in part by the spike in energy price during the oil crisis.
FYI I already commented to the poster that the IMF study that Roberts quoted used data from the 1970s-2010s, when the NAIRU framework was already firmly in place, so wage increase has already been heavily curbed. No surprises there at all.