For that reason, the Fed may raise rates more than the market suspects, and it may hike as soon as June, Hanson told CNBC's "Squawk Box."
"Unless we've had productivity absolutely collapse to the point where you basically have a tightening labor market and no growth, I suspect what you're going to see is very gradual improvement in the economy across a range of fronts that will be supportive for the idea that inflation is going to pick up very gradually," he said.
The Fed's inflation target is 2 percent. Consumer prices rose by 0.7 percent year over year in December.
A gradual increase in inflation means the Fed will likely hike rates by 25 basis points two or three times in 2016, more than the market is expecting, but not enough to tip the U.S. economy into recession, he said.
"Seventy-five basis points is not going to throw the economy into recession. Typically to have a recession you need very aggressive Fed rate hiking. You need an oil shock," he said.
Fed Chair Janet Yellen testifies before Congress on Wednesday, but Hanson said market watchers shouldn't expect her to give many clues about the Fed's future monetary policy.
The mixed jobs report, which saw the pace of job creation slow, and an 8 percent decline in oil prices last week sent stocks reeling on Friday. The Dow was set to open sharply lower on Monday as growth concerns persist.