The Origins of the SIN Model

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We spent 10% of GDP per year for basically two and a half years in a row. It's almost impossible to imagine you could do that without getting a big expansion. And then monetary policy didn't adjust. Now where we are now is partly that demand is still high, but even more that I think we're in a self-perpetuating wage price spiral.

Jason Furman is a professor of economics in the Economics Department at Harvard and at the Harvard Kennedy School. He also served as the chair of the Council of Economic Advisers under President Barack Obama.

In this week’s conversation, Yascha Mounk and Jason Furman discuss the causes of today’s persistent inflation in the US and whether it is likely to continue; how concerned we should be about the recent failures of mid-sized regional banks; and why America’s share of world GDP has remained resilient over the past decades even though it sometimes feels dysfunctional relative to other developed economies like Germany and Japan.

This transcript has been condensed and lightly edited for clarity.

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