The Future of Inflation

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Ilyse Hogue: I'm trying to understand what's going on with the economy at the moment, and there is a whole ton of questions. She says inflation has been running at about a 4.5% rate for two years now; it drifts up tiny bit every now and then. Underneath that incredibly consistent inflation has been a couple other different stories,. In 2021, inflation was in the good sector. In 2022,flation was elevated for headline inflation above core inflation because oil prices went up a lot.

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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