2024-10-07
55 分钟Jonathon Hazell is an assistant professor of economics at the London School of Economics and is a returning guest to the podcast. He rejoins David on Macro Musings to talk about the costs of inflation, the Phillips curve Debate, and the lessons learned from the post-pandemic inflation surge. Transcript for this week’s episode. Jonathon’s Twitter: @JADHazell Jonathon’s website Jonathon’s LSE profile David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Related Links: *Why Do Workers Dislike Inflation? Wage Erosion and Conflict Costs* by Jonathon Hazell, Joao Guerreiro, Chen Lian, and Christina Patterson *Do Deficits Cause Inflation? A High Frequency Narrative Approach* by Jonathon Hazell and Stephan Hobler *Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star* by Macro Musings *The Dominant Role of Expectations and Broad-Based Supply Shocks in Driving Inflation* by Paul Beaudry, Chenyu Hou, and Franck Portier Timestamps: (00:00:00) – Intro (00:05:27) – Breaking Down the Costs of Inflation (00:08:45) – *Why Do Workers Dislike Inflation? Wage Erosion and Conflict Costs* (00:21:12) – Outlining the Policy Implications (00:27:24) – The Recent Phillips Curve Conversation: What Have We Learned? (00:34:43) – *Do Deficits Cause Inflation? A High Frequency Narrative Approach* (00:46:39) – Navigating the Alternative Macroeconomics Perspectives (00:51:33) – Evaluating the Supply vs Demand Story for the Post-Pandemic Inflation (00:55:09) – Outro
Welcome to Macro musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present, and future.
I am your host, David Beckwourth, a senior research fellow at the Mercator center at George Mason University.
And I'm glad you decided to join us.
Our guest today is Joe Hazel.
Joe is an assistant professor of economics at the London School of Economics, and he joins us today to talk about inflation, the Phillips curves, and lessons learned from the inflation surge.
Joe is also a returning guest to the podcast, so we encourage you to go back and check out his previous show.
Joe, welcome back.
Thanks, David.
Thank you so much for having me back.
It's an honor.
It's great to be back.
Well, it's great to have you on, and you have been doing some traveling.
In fact, you're here in the US right now as we speak week.
So tell us what you've been up to lately.
Yeah, so I think it's been a great time.
I've been writing quite a few papers, and it's been about inflation.
So I'm interested in two questions.
I guess we'll get into it today.
I think these are the two questions of the moment.
The first is the costs.