How Inflation Works - Insights from UC Berkeley Economist Dr. Martha Olney

Dr. Martha Olney, Teaching Professor Emerita in the Economics Department at the University of California, Berkeley, discusses key insights from her acclaimed book “Inflation”, an engaging and accessible exploration of the forces behind rising prices and the policies that can help bring the cost of living under control.

Business Talk with Dr. Martha L. Olney explores what inflation is, why it surged in the post-COVID world, and how policymakers can respond, in a way that is accessible to non-economists. Drawing on Dr. Olney’s distinguished career as an award-winning teacher, economic historian, and author of the MIT Press book “Inflation,” the conversation unpacks how inflation is measured through CPI and PCE, clears up common misconceptions, and situates recent price rises in a 40 year historical context. The note explains how demand shifts, supply disruptions, and changing expectations interacted to drive inflation; discusses the evolving Phillips curve trade-off between unemployment and inflation; and examines the limits and challenges of interest-rate policy, the vital importance of central bank independence, the reality of “hidden” inflation such as shrinkflation, and the difficult trade-offs facing policymakers and the public.

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