Jonathon Hazell on Phillips Curves, Wage Rigidity, and How to Measure R-Star

Jonathon Hazell is an assistant professor of economics at the London School of Economics. Jonathon joins Macro Musings to talk about Phillips curves, R-stars, and nominal wage rigidity. Specifically, Jonathon and David also discuss the how to view the recent inflation experience, how to measure the natural rate using natural experiments, the downward nature of wage rigidity, and a lot more.   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   Join the Macro Musings mailing list! Check out our new Macro Musings merch!   Related Links:   *The Natural Rate of Return on Capital: Replication Package* by Jonathon Hazell, Veronica Backer-Peral, and Atif Mian   *The Slope of the Phillips Curve: Evidence From US States* by Jonathon Hazell, Juan Herreno, Emi Nakamura, and Jon Steinsson   *Measuring the Natural Rate Using Natural Experiments* by Veronica Backer-Peral, Jonathon Hazell, and Atif Mian   *Downward Rigidity in the Wage for New Hires* by Jonathon Hazell and Bledi Taska   *National Wage Setting* by Jonathon Hazell, Christina Patterson, Heather Sarsons, and Bledi Taska   *The Unemployment Volatility Puzzle: Is Wage Stickiness the Answer?* by Christopher Pissarides