Isabella Weber on a New Way to Think About Inflation | Odd Lots
发布时间 2023-01-17 20:08:51 来源
摘要
It's no secret that the recent period of stubbornly higher prices has surprised many. In economics, there tend to be two dominant ways of thinking about inflation. Either you agree with Milton Friedman, who described inflation as always and everywhere monetary phenomenon (the result of too much printing). Or you're more of a New Keynesians, who thinks that higher prices are all about the relationship between demand and capacity. In a new paper inspired by Odd Lots and the series of disruptions that have rocked the economy since the global pandemic, UMass Amherst Economics Professor Isabella Weber describes a potential third way of thinking about inflation. She identifies systemically significant sources of inflation, or industries that could end up having a broader impact on a wide variety of prices. The hope is that by identifying these important sources of inflation early, policymakers can put in place measures to make sure prices don't get out of hand.
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