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Jonathon Hazell on the Costs and Causes of Inflation and the Phillips Curve Debate

Macro Musings with David Beckworth

Release Date: 10/07/2024

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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

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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