Financial and Monetary Systems

How much did supply constraints boost US inflation?

Supply constraints have had an impact on inflation. Image:  Frederick Warren/Unsplash

Julian di Giovanni


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The US has witnessed near historic levels of inflation.
The US has witnessed near historic levels of inflation. Image: U.S. Bureau of Labor Statistics.


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The chart presents a US closed-economy inflation decomposition for a sixty-six sector economy, 2019-21
The model calibration shows the quantitative importance of both demand and supply shocks and associated inflation. Image: di Giovanni, Kalemli-Özcan, Silva, and Yildirim (2022).

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