Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/272863 
Year of Publication: 
2023
Series/Report no.: 
Staff Report No. 1050
Publisher: 
Federal Reserve Bank of New York, New York, NY
Abstract: 
This paper builds on Baqaee and Farhi (2022) and di Giovanni et al. (2022) to quantify the contribution of fiscal policy to U.S. inflation over the December 2019-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.
Subjects: 
inflation
fiscal policy
supply constraints
JEL: 
E23
E31
E32
Document Type: 
Working Paper

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