Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - 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. …