Quantifying the Inflationary Impact of Fiscal Stimulus Under Supply Constraints
SSRN Electronic Journal(2023)
摘要
This paper builds on Baqaee and Farhi (2022) and di Giovanni et al. (2022) to quantify the contribution of fiscal policy on US inflation over the December 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.
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关键词
fiscal stimulus,inflationary impact
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