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Episodesis a television sitcom created by David Crane and Jeffrey Klarik and produced by Hat Trick Productions.[1] It premiered on Showtime in the United States on January 9, 2011[2] and on BBC Two in the United Kingdom on January 10, 2011.[1] The show is about a British husband-and-wife comedy writing team who travel to Hollywood to remake their successful British TV series, with unexpected results. It stars Matt LeBlanc portraying a satirical version of himself. LeBlanc made his regular return to television for the first time since he was on NBC's Joey.

On June 10, 2015, it was announced that Showtime had renewed Episodes for a fifth season, which was due to begin filming in London in 2016.[3] On April 11, 2016, Season 5 was confirmed to be the show's last; it consists of seven episodes and premiered on August 20, 2017. The series finale, Season 5's "Episode Seven", aired on October 8, 2017.[4]

After married couple Sean (Stephen Mangan) and Beverly (Tamsin Greig) Lincoln win yet another BAFTA Award for their successful British sitcom, Lyman's Boys, they are persuaded to move to Hollywood and remake their series for an American audience. Unfortunately, the network starts to make changes (including the title, now Pucks!), and pressures the couple into casting Matt LeBlanc in the lead role, a part that Matt is largely unsuited for.

Sean becomes friends with Matt, while Beverly is less impressed. Continuing changes to the scripts threaten to damage the show and other pressures result in difficulties in Sean and Beverly's marriage.[1]

Beverly was originally to be portrayed by Claire Forlani, but she left the cast in April 2010 when the series was in pre-production.[9] LeBlanc was to play a "larger than life version of himself" as character Matt LeBlanc.[8] Thomas Haden Church was also to have a role in the series as Merc Lapidus, the American television executive who commissions the remake, but he left due to scheduling conflicts,[9] and was replaced by John Pankow.

The response of American critics was positive.[13] Robert Bianco of USA Today called the show "easily the best new sitcom of the season"[14] and The Boston Globe's Matthew Gilbert said that "Each of the season's seven half-hours is a little sliver of pleasure."[15] A Boston Herald review by Mark A. Perigard was lukewarm; he said he feared that the show would never achieve a broad audience,[16] and David Wiegand from the San Francisco Chronicle praised the performances of the actors but felt that the series simply was not funny.[17] Alan Sepinwall of HitFix went further declaring the show to be one of the worst TV moments of 2011.[18] The UK critics' response to the first episode was broadly lukewarm while remaining optimistic.[19][20] More screentime for Matt LeBlanc was eagerly anticipated by some,[21] with The Independent's Brian Viner believing that this might improve the series.[22]

The second season received positive reviews from critics.[23][24] Henry Goldblatt of Entertainment Weekly called the second season "a terrific second season of this industry-set sitcom."[25] USA Today said of the show: "As smartly written as it is played, Episodes offers the comic pleasures, not just of clashing cultures, but of contrasting comic styles. On one side you have LeBlanc, who handles the big laughs and the broader humor, and does it so well, it serves as a reminder that he was under-appreciated during his years on Friends." Ed Bark of Uncle Barky praised the season saying it was "a thoroughly entertaining romp, with the television industry as a combination Tilt-A-Whirl/merry-go-round."[26][27] On the Firewall & Iceberg podcast Alan Sepinwall and Dan Fienberg commented on the second season, saying that the "self-congratulatory, obvious" show that is "oddly tone-deaf about the business that it was trying to satirize" is "not about anything" and "as a result is better for it," but is still "groaningly unfunny".[28]

The series premiered in Australia on Nine on July 3, 2012,[37] with season two returning on September 4, 2012.[38] The first two seasons were replayed by subscription television network BBC UKTV (as opposed to Nine which is a free-to-air network), premiering January 28, 2014.[39][40] Unlike the first two seasons which premiered in Australia on Nine, season three premiered on pay TV. Although originally set to air on BBC UKTV,[41] the series premiered on BBC First on September 12, 2014,[42] and returned for season four on September 7, 2015.[43] On November 14, 2016, it was reported that the fifth and final season would have its premiere on streaming provider Stan in 2017. This move is believed to be the result of BBC no longer being a co-producer of the series and that Stan has an output agreement with Showtime.[44]

Supply chain disruptions are having a substantial impact on current economic conditions. Economy-wide and retail-sector inventory-to-sales ratios have hit record lows; homebuilders are reporting shortages of key materials; and automakers do not have enough semiconductors. Elevated consumer demand is adding fuel to the fire. Travel demand, for example, has returned much more sharply than expected, which is straining airline operations. Similarly, total vehicle sales in April more than doubled from a year prior, which is leading to empty dealer lots. The combination of a spike in consumer demand and a supply chain that is not fully operational has contributed to rising prices.

Milton Friedman and Anna Jacobson Schwartz (1980) observe that World War II ushered in a period of inflation comparable to the inflationary episodes that occurred during the Civil War and World War I.[1] Prices also surged after World War II ended. In 1947, inflation jumped to over 20 percent, as shown in Figure 1. According to the Bureau of Labor Statistics (BLS), the rapid post-war inflationary episode was caused by the elimination of price controls, supply shortages, and pent-up demand.

This inflationary episode was caused by a booming economy, which increased prices. From 1965 through 1969, for instance, real quarterly GDP growth averaged 4.8 percent at an annual rate. Inflation fell after President Nixon instituted a freeze on wages and prices.

This fifth inflationary episode occurred when Iraq invaded Kuwait, leading to the first Gulf War. The price of crude oil increased significantly due to heightened uncertainty, leading to a short bout of high inflation.

In 2008, the CPI rose above 5 percent for two months due to skyrocketing gas prices. One barrel of West Texas Intermediate crude oil cost more than $140 in July 2008 compared to $70 just a year earlier.

The period right after World War II potentially provides the most relevant case study, as the rapid post-war inflationary episode was caused by the elimination of price controls, supply shortages, and pent-up demand. Figure 2 shows the change in prices in the five years following World War II.

One substantial difference between the inflation dynamics of World War II and today is that price controls were a wartime policy tool that were not implemented during COVID. Those price controls reduced the price level 30 percent below what it would have been otherwise, according to Paul Evans (1982). When the caps were lifted in 1946, prices climbed significantly. For example, food prices alone rose 13.8 percent in July after food price controls expired on June 30th.

According to Benjamin Caplan (1956), the inflationary episode after World War II ended after two years as domestic and foreign supply chains normalized and consumer demand began to level off. (Caplan also observes that private fixed investment started to decline, which contributed to the decline in prices and caused the economy to fall into a mild recession, with real GDP declining by 1.5 percent).

Today, we have metrics measuring longer-run inflation expectations in the form of surveys and market-based measures. If transitory inflation pressures were spilling over into longer-run expectations, we would anticipate seeing these measures rise to historically high levels. However, as Figure 4 below shows, both market-based measures like the five-year, five-year inflation break-evens, and survey-based measures like the ten-year expectations in the Survey of Professional Forecasters, have broadly recovered from pandemic-lows to levels more consistent with pre-pandemic expectations.

No single historical episode is a perfect template for current events. But when looking for historical parallels, it is useful to concentrate on inflationary episodes that contained supply chain disruptions and a spike in consumer demand after a period of temporary suppression. The inflationary period after World War II is likely a better comparison for the current economic situation than the 1970s and suggests that inflation could quickly decline once supply chains are fully online and pent-up demand levels off. The CEA will continue to carefully gauge the trajectory of inflation.

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The definition of a depressive episode is a period of depression that persists for at least two weeks. 1 During a depressive episode, a person will typically experience low or depressed mood and/or loss of interest in most activities, as well as a number of other symptoms of depression, such as tiredness, changes in appetite, feelings of worthlessness and recurrent thoughts of death. The length of a depressive episode varies, but the average duration is thought to be six to eight months. 2

Depression is a common illness, and many people will experience one or more episodes of depression in their lifetime. While people of all races and ages can experience depressive episodes, they tend to be more common among women than men. 3 4 People who have a history of depression, other mental health conditions such as bipolar disorder or anxiety, or chronic physical conditions such as diabetes, chronic pain or multiple sclerosis 5, also have a higher risk of experiencing a depressive episode. 2

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