Di Giovanni, Julian; Kalemli-Ozcan, Sebnem; Silva, Álvaro - National Bureau of Economic Research - 2022
-output linkages, affecting both trade and inflation. 2) Inflation can be higher under sector-specific labor shortages relative to a … domestic aggregate demand shocks in explaining Euro Area inflation over 2020-21. 4) International trade did not respond to … changes in GDP as strongly as it did during the 2008-09 crisis despite strong demand for goods. These lower trade elasticities …