The New York Times cites Servaas Storm’s INET Working Paper on Bernanke and Blanchard’s Inflation Explanation

Peter Coy, in an OpEd for the New York Times, cited Servaas Storm’s INET working paper criticizing Bernanke and Blanchard’s inflation explanation.

“Servaas Storm, a Dutch economist, criticized Bernanke’s and Blanchard’s warning in a recent article, arguing that U.S. workers don’t have the power to demand high wages because of the low rate of private-sector unionization (6.9 percent). “The established New Keynesian models are of no use,” Storm, a senior lecturer of economics at Delft University of Technology, wrote. “The state of macro is not good.”