Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - National Bureau of Economic Research - 2022
scenario with no such supply shocks. 3) Foreign shocks and global supply chain bottlenecks played an outsized role relative to … in part reflect supply chain bottlenecks. These four results imply that policies aimed at stimulating aggregate demand … would not have produced as high an inflation as the one observed in the data without the negative sectoral supply shocks …