The New York Times cites Servaas Storm’s INET Working Paper on 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.”