Quantifying the Inflationary Impact of Fiscal Stimulus under Supply Constraints

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

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Year of publication:	2023
Authors:	Di Giovanni, Julian ; Kalemli-Ozcan, Sebnem ; Silva, Álvaro ; Yıldırım, Muhammed Ali
Publisher:	[S.l.] : SSRN
Subject:	Inflation \| Finanzpolitik \| Fiscal policy \| Wirkungsanalyse \| Impact assessment \| Gesamtwirtschaftliche Nachfrage \| Aggregate demand \| Antizyklische Finanzpolitik \| Countercyclical fiscal policy

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