The post-pandemic inflation debate: a critical review

Diogo Martins

No 2024/0308, Working Papers REM from ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa

Abstract: This article provides a critical review of the post-pandemic inflation debate. The first part structures the debate through the classification of the arguments into two broad categories (the neoclassical view and the critical political economy view) along with several subcategories. The classification is informed by the positions assumed by debate participants regarding the origin and propagation mechanisms of inflation, together with the economic policy solutions advanced to face the current inflationary episode. The second part is focused on showing that the hegemony of contractionary monetary policy as a policy response to address contemporary inflation is based on weak foundations, whose theoretical and empirical arguments have been consistently and convincingly disputed in critical political economy circles over the last decades.

Keywords: Inflation; pandemic; critical political economy; neoclassical economics; central banks; monetary policy. (search for similar items in EconPapers)
JEL-codes: E12 E31 E32 E52 E61 E64 (search for similar items in EconPapers)
Date: 2024-01
New Economics Papers: this item is included in nep-ban, nep-cba, nep-mac and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:ise:remwps:wp03082024

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