August 2022, Video: "Persistent supply shocks and geopolitics point to continued upward pressure on inflation. Meanwhile, the strain on real incomes from rising prices and the Fed’s tightening of monetary policy pose risks to growth. In the longer-term, population aging, declining fertility, and a costly and difficult green energy transition all point to lower long-term potential growth (stagnation). This raises the risk of stagflation, an economic dynamic not seen since the 1970s. How great are the risks of stagflation? "
HKS Faculty Author - Lawrence H. Summers