Jonathon Hazell on the Costs and Causes of Inflation and the Phillips Curve Debate

Jonathon Hazell is an assistant professor of economics at the London School of Economics and is a returning guest to the podcast. He rejoins David on Macro Musings to talk about the costs of inflation, the Phillips curve Debate, and the lessons learned from the post-pandemic inflation surge.   Transcript for this week’s episode.   Jonathon’s Twitter: @JADHazell Jonathon’s website Jonathon’s LSE profile   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *Why Do Workers Dislike Inflation? Wage Erosion and Conflict Costs* by Jonathon Hazell, Joao Guerreiro, Chen Lian, and Christina Patterson   *Do Deficits Cause Inflation? A High Frequency Narrative Approach* by Jonathon Hazell and Stephan Hobler   *Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star* by Macro Musings   *The Dominant Role of Expectations and Broad-Based Supply Shocks in Driving Inflation* by Paul Beaudry, Chenyu Hou, and Franck Portier   Timestamps:   (00:00:00) – Intro   (00:05:27) – Breaking Down the Costs of Inflation   (00:08:45) – *Why Do Workers Dislike Inflation? Wage Erosion and Conflict Costs*   (00:21:12) – Outlining the Policy Implications   (00:27:24) – The Recent Phillips Curve Conversation: What Have We Learned?   (00:34:43) – *Do Deficits Cause Inflation? A High Frequency Narrative Approach*   (00:46:39) – Navigating the Alternative Macroeconomics Perspectives   (00:51:33) – Evaluating the Supply vs Demand Story for the Post-Pandemic Inflation   (00:55:09) – Outro