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

Macro Musings with David Beckworth

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

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Jonathon’s LSE profile

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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