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Ones and Tooze
Ask Adam Anything on Inflation
Sep 22, 2023
The hosts answer listener questions about inflation and central banking, discussing the measurement of inflation, the ambiguity of interest rates, the relationship between power and interest rates, greedflation and price shock, and the concepts of soft landing, hard landing, and stagflation in relation to inflation and unemployment.
35:14
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Quick takeaways
- Inflation is measured by surveying a wide range of goods and services, averaging their prices over time, and tracking the average using the Consumer Price Index (CPI) which involves a comprehensive and complex data collection process.
- The effectiveness of interest rate increases in combating inflation is uncertain, as the relationship between interest rates and inflation is complex, with expectations about future price levels also playing a crucial role in price setting behavior.
Deep dives
Measurement of Inflation
Inflation is measured by taking a survey of a wide variety of goods and services and their prices, averaging them, and tracking the average over time. The Consumer Price Index (CPI) in the United States, for example, is composed of the prices of 80,000 items, which are collected through a survey that involves tens of thousands of people. The prices are weighted based on the percentage of income spent by households on each item. This measurement process is a complex and large-scale effort to approximate the inflation rate.
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