The popular fiscal hawk explanation for inflation revolves around the economic stimulus of the early years of the pandemic. In essence, that's a monetarist account that inflation was caused by the government simply printing too much money. We talked a little bit about the Fed's focus on bringing down service worker wages but Powell's view is still not the view of Larry Summers.
Featuring historian Tim Barker on the state of monetary politics amid the current fight over inflation.
Check out my July 2021 interview with Barker if you want a more expansive primer on inflation thedigradio.com/podcast/inflation-politics-with-tim-barker
Support The Dig at Patreon.com/TheDig
Check out our brilliant newsletter and vast archives at thedigradio.com