Interfluidity bitcoin values

About a week ago, I argued interfluidity bitcoin values the Great Inflation of the s was largely a demographic phenomenon. That claim has provoked a lot of debate and rebuttal, in the comment sections of several posts here, and elsewhere in the blogosphere. I love the first post by Karl Smith. During the s, the simultaneous entry of baby boomers and women into the workforce meant the economy had to absorb workers at more than double the typical rate to avoid high levels of unemployment.

This influx was interfluidity bitcoin values exogenous — it was not like a voluntary migration, provoked by the existence of opportunities.

Absorption of these workers required a fall in real wages and some covert redistribution to new workers, which the Great Inflation enabled. But under the demographic circumstances, the cost of monetary contraction in terms of unemployment and social stability would have been unacceptably high.

But I do think it is foolish to believe that the policy decisions of the early s would have had the same success if attempted during the s. Monetary contraction was interfluidity bitcoin values, twice, and abandoned, twicein the late 60s and early 70s.

There was and is little reason to believe that just holding firm would have successfully disinflated at tolerable cost in interfluidity bitcoin values of employment and social peace.

It might not have been practical otherwise. Mostly I made a fool of myself twice actually, and not unusually. Looking at the graphs — after Sadowski helped me get them right! Italy is a strong counterexample — it disinflated in the middle of its labor boom. The rest you can squint and tell stories about. I now have 14 graphs now. Sadowski is not much impressed by my demographic view of the Great Inflation. But he paid me the huge compliment of devoting time and his considerable expertise to testing my speculations.

The time periods ran from through Then I regressed the average CPI inflation rates upon the average labor force growth rates. The average civilian labor force growth rate and average CPI inflation rate were positively correlated in the U. Next I conducted Granger causality tests using the Toda and Yamamato method on the level data over for the U. In short, out of the 12 countries I looked at, only five have a significant correlation between average civilian labor force growth and average CPI inflation, and only two of five have a positive correlation.

Of the five, only the two with positive correlation demonstrate Granger causality. But in the US case the direction of causality is in the opposite direction to that which you predict.

Only Japan seems to support the kind of story you are trying to tell. The time periods interfluidity bitcoin values from through with the interfluidity bitcoin values of Korea which started with I regressed the average CPI inflation rates upon the average labor force growth rates. Next I conducted Granger causality tests using the Toda and Yamamato method on the level data over except for Korea which was over for the ten countries which had statistically significant correlations.

So out of the 26 countries I have looked at, fifteen have a significant correlation between average civilian labor force growth and average CPI inflation with eleven of the fifteen having a positive correlation. Of the eleven with positive correlation six demonstrate Granger causality with three showing one way causality from civilian labor force to CPI and three showing one way causality from CPI to civilian labor force.

Of the four with negative correlation one demonstrates Granger causality from civilian labor interfluidity bitcoin values to CPI. Only three countries Japan, Korea and Finland out of the 26 support the kind of story you are trying interfluidity bitcoin values tell.

Alas, I am not at all dissuaded from my view. The direction of Granger causality is not very meaningful here. I see some support for my thesis in the significant and usually positive correlations Sadowski observes in many countries. Sadowski overflatters my graphical analysis technique by translating it directly to an interfluidity bitcoin values model. Collapsing growth into overlapping 5-year trailing windows smooths out graphs that would otherwise just look like choppy tall-grass noise.

But it creates a lot of autocorrelation unless the data is chunked into nonoverlapping periods. Sadowski may well have done that!

In any interfluidity bitcoin values, I thank Sadowski for the work and food for thought, and for help and correction as I made a fool of myself. I want to address some interfluidity bitcoin values critiques by Evan Soltas:. Consider a standard Cobb-Douglas production function: Consider a large interfluidity bitcoin values sustained shock to L, as Waldman shows. Consider, also, that the level of K has some rigidities, such that the level of K is not always optimal given the level of L, but that in a interfluidity bitcoin values shock to L, K will eventually approach the optimal level of K over some lag period.

With this background, the marginal productivity of labor should drop and remain low over that lag period. Now assume that real wages tend towards the marginal productivity of labor with a lag. What we should expect to see is that real wages should drop in the s. Surplus labor reduces the bargaining power of workers relative to that of employers. Yes, I think so. The blue line is interfluidity bitcoin values of the series that Soltas graphed, CPI-adjusted hourly wages of nonsupervisory employees.

They fell during the course of the s in absolute terms. The black line is the broadest measure of hourly compensation I could compute, CPI-adjusted employee compensation divided by hours worked. It is essentially flat interfluidity bitcoin values the course of the decade, breaking a strong prior uptrend.

The red line is CPI-adjusted compensation per employee. It fell interfluidity bitcoin values absolute terms over the decade. Soltas suggests that compensation did not fall based interfluidity bitcoin values a graph of CPI-adjusted average manufacturing sector hourly wagewhich rose over the s. But manufacturing was simply an unrepresentative sector. They certainly fell relative to interfluidity bitcoin values prior interfluidity bitcoin values, and probably in absolute terms.

Still, looking at that black line, you might say they fell a bit less or more slowly than you might expect. More on that below. Which effect would dominate would depend on details of the production function. Labor share seems to have declined over the decade from unusually high levels in the late s. Show me the interfluidity bitcoin values. Less uncharitably, it forced a worse trade-off on the Fed, specifically forcing higher unemployment or interfluidity bitcoin values inflation.

Unemployment might have been higher, but that would have put a deflationary pressure on the central bank, all else equal, given the exogenous surge in the labor interfluidity bitcoin values. Think about it this way: Whatever the Fed of the s did in monetary policy, it interfluidity bitcoin values an unstoppable surge in the labor supply.

That should be a tremendous headwind against wage increases and broader inflation. First, there is that most conventional rigidity, nominal wage stickiness. If real wages must decline for the labor market to clear, but nominal wages are sticky downward, then the only way to avoid unemployment is to tolerate inflation. But in addition to nominal rigidities, there are real rigidities. All those kids in the s graduating high school or interfluidity bitcoin values and entering the labor force had expectations about the kinds of lives they should be able to live when they got a job.

They would not have been satisfied with increasing dollar wages, if those dollars could not support starting lives and families of their own, independent of Mom and Dad. Middle class labor force entrants then expected to be able to support a home, a car, even start a family on a single income. Those expectations have evaporated over the past 40 years.

Baby boomers entered the labor force with real expectations. They were not mere price takers. They would not be very happy about it. A tacit promise would have been broken. That implied interfluidity bitcoin values redistribution, from older workers and capital holders interfluidity bitcoin values new workers. Among other things, inflation can be a means of engineering covert redistributions. Interfluidity bitcoin values is the part, I think, that puzzles Scott Sumner.

High inflation reduces the real purchasing power of people living off of interest, and of people already employed who are slow or lack bargaining power to negotiate raises.

That foregone purchasing power liberates supply, which becomes available to subsidize the real wages of the newly employed. Real GDP did not collapse during the s, but the inflation created losers. The share of production that losers lost went to someone.

I think that, among other mischief, it helped subsidize the employment of new workers at real wages below but not too far below interfluidity bitcoin values the generation prior had enjoyed.

Interfluidity bitcoin values most real-world policymakers, Burns felt his way towards the least painful solution, then used his considerable intellect to justify what he found himself doing. He started to smoke dope, get into politics, frighten his parents and neighbors. J and the Panthers. When money was loose and inflation roared, times were bad for everyone, which helped ease the sting.

I thank you nonetheless. I want to move on to other things. Do feel free to have the last word, in the comments or elsewhere. Prior to a population boom, the median new worker supplies her labor for a particular bundle of goods and services.

But in the population boom, because of the diminishing marginal productivity of labor holding K constantthe median new worker cannot produce enough in real terms to purchase the same bundle.

But that trade is no longer available to her, because she herself is unable to supply real production in sufficient quantity to purchase those goods, despite expending her fullest effort. The population boom is a shock to her ability to supply, which would be reflected by inflation of the cost of goods relative to the numeraire of her labor.

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