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Why Inflation Persists

Lars P. Feld

What "Team Transitory" has missed in the inflation debate is that inflation tends to become persistent because of second-round effects. Not only have producer prices risen over the past year or so, but they also have not yet been fully passed through the value chain.

 navigates the complex array of factors that give rise to one of the biggest problems in macroeconomics.
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    Here We Go Again?

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    Yanis Varoufakis, Andrés Velasco, Lucrezia Reichlin, Raghuram G. Rajan, Viral V. Acharya, Michael R. Strain, Willem H. Buiter, Nouriel Roubini

    Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.

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    Xi Jinping’s Chinese Tragedy

    Orville Schell interviewed by Irena Grudzińska Gross about the country's increasingly worrisome trajectory, both at home and abroad.
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    Richard Haass on Russia, Taiwan, and US democracy

    Richard Haass explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
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    Revisiting America’s War of Choice in Iraq

    Richard Haass considers the enduring lessons from a foreign intervention that was both ill-conceived and poorly executed.
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    PS Commentators Respond: Is a New Financial Crisis Underway?

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    Harold James, Simon Johnson, Stephen S. Roach, Kenneth Rogoff, Anne C. Sibert

    The US government’s pledge to do “whatever is needed” to protect the banking system after Silicon Valley Bank’s collapse last week did little to reassure markets, which have continued to slide. At a time when the US Federal Reserve is considering further interest-rate hikes to tame inflation, we asked PS commentators how bad things are likely to get, for the US and the world.

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    The Sense of an Ending

    James Livingston surveys the intellectual terrain created by the transition from capitalism as we have come to know it.
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    PS Commentators Respond: Can the US Rein in Big Tech?

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    Anu Bradford, Tim O'Reilly, Ilan Strauss, Mariana Mazzucato, Tommaso Valletti

    While the European Union has gradually tightened the screws on tech giants, America’s regulatory bark has so far been bigger than its bite. With Big Tech’s competition-crushing market power continuing to grow, we asked PS commentators why the US continues to lag, and what it would take to make real progress.

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    William H. Janeway on state-sponsored innovation, greentech, asset bubbles, and more

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    Rethinking Debt Sustainability in Africa

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    Everything Flows in Ukraine

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    Shlomo Ben-Ami, Nina L. Khrushcheva, Frans Timmermans, Richard Haass, Harold James

    More than a year after Russia launched what was widely expected to be a quick rout of Ukraine’s forces, both sides are preparing for yet another round of offensives. As the United States and Europe reaffirm their support for Ukraine, the question of what it will take to end the war is more urgent – and complicated – than ever.

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    Putin’s Dogs of War

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    PS Commentators Respond: Will the Earthquake Be a Political Game-Changer for Turkey?

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    Seyla Benhabib, Şebnem Kalemli-Özcan , Sinan Ülgen

    Recent deadly earthquakes in southern Turkey – which have also devastated northwest Syria – have put President Recep Tayyip Erdoğan and his Justice and Development Party (AKP) under intensifying pressure. With some 46,000 people killed, and the fallout continuing to grow, we asked PS commentators whether the tragedy will lead to a significant political shakeup after 20 years of AKP rule.

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    Chris Patten on Rishi Sunak, Taiwan, Chinese diplomacy, and more

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PS OnPoint

Global ructions have put an end to the long era of price stability and low interest rates, forcing a reconsideration of many business models and economic growth strategies. Whether old orthodoxies can be replaced by something genuinely new and better is now the trillion-dollar question.

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