We answer the question posed by the title by specifying and estimating a simple dynamic
model of prices, wages, and short-run and long-run inflation expectations. The estimated …

Bernanke and Blanchard answer the question posed by the title by specifying and
estimating a simple dynamic model of prices, wages, and short-run and long-run inflation …

This paper analyzes the dramatic rise in US inflation since 2020, which we decompose into
a rise in core inflation as measured by the weighted median inflation rate and deviations of …

Inflation rates in the United States and other developed economies have closely tracked
each other historically. Problems with global supply chains and changes in spending …

Inflation declined rapidly at the onset of the pandemic in the spring of 2020 before taking a
dramatic turn upward in early 2021, rising to levels that remain well above the Federal …

This article critically evaluates debates over the causes of US inflation. We first show that
claims that the Biden stimulus was the major cause of inflation are mistaken: the key data …

Following the worst of the COVID-19 pandemic, inflation surged to levels last seen in the
1980s. Motivated by vast differences in pandemic support across countries, we investigate …

Post-covid inflation was predominantly driven by unexpectedly strong demand forces, not
only in the United States, but also in the Euro Area. In comparison, the inflationary impact of …

We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of
domestic inflation during 2020–2023 in several countries, including the United States. The …

" So we have now experienced an extraordinary series of shocks if you think about it. The
pandemic, the response, the reopening, inflation, followed by the war in Ukraine, followed by …