Quantifying the Inflationary Impact of Fiscal Stimulus Under Supply Constraints

Julian di Giovanni, Sebnem Kalemli-Ozcan, Álvaro Silva and Muhammed A. Yildirim

No 30892, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper builds on Baqaee and Farhi (2022) and di Giovanni et al. (2022) to quantify the contribution of fiscal policy on U.S. inflation over the Dec-2019 to June-2022 period. Model calibrations show that aggregate demand shocks explain roughly two-thirds of total model-based inflation, and that the fiscal stimulus contributed half or more of the total aggregate demand effect.

JEL-codes: E0 E00 E5 (search for similar items in EconPapers)
Date: 2023-01
Note: EFG IFM
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Citations: View citations in EconPapers (8)

Published as Julian di Giovanni & Şebnem Kalemli-Özcan & Alvaro Silva & Muhammed A. Yıldırım, 2023. "Quantifying the Inflationary Impact of Fiscal Stimulus under Supply Constraints," AEA Papers and Proceedings, vol 113, pages 76-80.

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Journal Article: Quantifying the Inflationary Impact of Fiscal Stimulus under Supply Constraints (2023)
Working Paper: Quantifying the Inflationary Impact of Fiscal Stimulus Under Supply Constraints (2023)
Working Paper: Quantifying the Inflationary Impact of Fiscal Stimulus under Supply Constraints (2023)
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