AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Macro Musings with David Beckworth
Jonathon Hazell on the Costs and Causes of Inflation and the Phillips Curve Debate
Oct 7, 2024
Jonathon Hazell, an assistant professor at the London School of Economics, dives deep into the intricate world of inflation and its costs. He discusses the psychological strains on workers during inflationary periods and how real wages suffer. The conversation extends to the ongoing Phillips Curve debate, where he examines inflation expectations and Federal Reserve responses post-pandemic. Hazell also outlines policy implications and challenges regarding inflation targeting, illustrating the delicate balance policymakers must maintain.
55:49
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Public aversion to inflation arises largely from stagnant wages failing to keep pace with rising prices and purchasing power erosion.
- The emotional and social costs of inflation manifest in workers' stress and conflict over securing necessary wage adjustments during rising inflation periods.
Deep dives
Key Questions Surrounding Inflation
The discussion centers on two primary questions regarding inflation: why it is widely disliked and what causes it. As inflation rates have surged, the preference for low inflation has resurfaced as a significant public concern. Persistent inflation can lead to political ramifications, as evidenced by recent elections where inflation was a pivotal issue. Scholars have noted that understanding these concerns is crucial for macroeconomists, especially now when inflation trends affect both policy and public sentiment.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode