Hyman Minsky would have had a field day with last week’s US inflation numbers. One of the key points in the late, great economist’s Financial Instability Hypothesis was that there are two kinds of prices — prices for goods and services, and asset prices. Inflation in the two areas should, as a result, differ. And indeed they have, quite markedly. The latest Consumer Price Index figures show that almost all core inflation, which was weaker than expected, was in rent or the owner’s equivalent of rent (up 0.3 per cent). Core goods inflation, meanwhile, was down 0.2 per cent.
海曼•明斯基(Hyman Minsky)如果还在世，肯定会对上周美国公布的通胀数据感到得意。这位已故伟大manbetx20客户端下载 学家提出的“金融不稳定假说”(Financial Instability Hypothesis)的要点之一，就是存在两种价格：一是商品和服务的价格，二是资产价格。因此，这两个领域的通胀应该有所不同。实际上它们的确不一样，而且相当明显。最新的消费者价格指数(CPI)数据显示，几乎所有的核心通胀（低于预期）都源自租金或业主的租金等价物（上涨0.3%）。与此同时，核心商品通胀下降了0.2%。