Quantifying the inflationary impact of fiscal stimulus under supply constraints by Julian di Giovanni, Sebnem Kalemli-Özcan, Alvaro Silva and Muhammed A. Yildirim
Contributor(s): Giovanni, Julian di
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Material type: 
ArticleSubject(s): POLITICA FISCAL | INFLACION | CONSUMO | RIQUEZA | MODELOS ECONOMETRICOS
In:
The American Economic Review v. 113, May 2023, p. 76-80Summary: 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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| OP 234/2023/5(Congreso)-1 Papers and proceedings of the One Hundred-Fifth Annual Meeting of the American Economic Association | OP 234/2023/5(Congreso)-2 Four mistakes in the use of measures of expected inflation | OP 234/2023/5(Congreso)-3 Unconventional fiscal policy at work | OP 234/2023/5(Congreso)-4 Quantifying the inflationary impact of fiscal stimulus under supply constraints | OP 234/2023/5(Congreso)-5 The 2021 child tax credit | OP 234/2023/6 The American Economic Review | OP 234/2023/7 The American Economic Review |
Bibliografía.
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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