Joseph E. Gagnon examines how useful the traditional Phillips curve is for understanding global inflation and argues recent US inflation more closely resembles the inflationary episode of the early 1950s than the runaway inflation of the 1970s.
Video was recorded at the Allied Social Science Associations 2022 Virtual Annual Meeting and is used with permission from the American Economic Association.
Full event information is available here.
For more of Joseph E. Gagnon's inflation analysis read his working paper, Low inflation bends the Phillips curve around the world: Extended results, and blog post, Inflation fears and the Biden stimulus: Look to the Korean War, not Vietnam.
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