Data and Code for: What Caused the U.S. Pandemic-Era Inflation?
Principal Investigator(s): View help for Principal Investigator(s) Ben Bernanke, Brookings Institution; Olivier Blanchard, Peterson Institute for International Economics
Version: View help for Version V1
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| Replication Package | 04/11/2024 10:23:AM | ||
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application/vnd.openxmlformats-officedocument.wordprocessingml.document | 21.5 KB | 04/09/2024 12:48:PM |
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Project Citation:
Bernanke, Ben, and Blanchard, Olivier. Data and Code for: What Caused the U.S. Pandemic-Era Inflation? Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-06-06. https://doi.org/10.3886/E195423V1
Project Description
Summary:
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We estimate a simple dynamic model of prices, wages, and short-run and long-run inflation expectations that allows us to analyze and quantify the sources of recent U.S. inflation. We find that, contrary to early concerns that inflation would be spurred by overheated labor markets, most of the inflation surge resulted from shocks to prices given wages. Although tight labor markets have thus far not been the primary driver of inflation, we find that they have a relatively more persistent effect on wage growth and inflation. Controlling inflation will thus ultimately require achieving a better balance of labor demand and supply.
Funding Sources:
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Brookings Institution;
Peterson Institute for International Economics
Scope of Project
Subject Terms:
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Inflation
JEL Classification:
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E31 Price Level; Inflation; Deflation
E37 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
E31 Price Level; Inflation; Deflation
E37 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
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