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

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