{"title":"Fiscal Stimulus Caused Only 1% of the 8% Rise in U.S. Inflation","authors":"Laurence Seidman","doi":"10.1080/05775132.2023.2278348","DOIUrl":null,"url":null,"abstract":"AbstractWas the 8% rise in U.S. inflation in 2021–2022 mainly caused by 2021 fiscal stimulus? This article presents evidence that 5% of the 8% rise in U.S. and European inflation was caused by two cost pushes: severe supply chain disruptions from covid and a huge rise in the cost of oil. Two percent was caused by higher wage increases to try to keep up with the 5% cost-push. One percent in Europe was caused by a natural gas price spike. U.S. fiscal stimulus in 2021 was the same as in 2020. Only 1% of the U.S.’s 8% rise was caused by 2021 fiscal stimulus.","PeriodicalId":88850,"journal":{"name":"Challenge (Atlanta, Ga.)","volume":"74 2","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2023-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Challenge (Atlanta, Ga.)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1080/05775132.2023.2278348","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
Abstract
AbstractWas the 8% rise in U.S. inflation in 2021–2022 mainly caused by 2021 fiscal stimulus? This article presents evidence that 5% of the 8% rise in U.S. and European inflation was caused by two cost pushes: severe supply chain disruptions from covid and a huge rise in the cost of oil. Two percent was caused by higher wage increases to try to keep up with the 5% cost-push. One percent in Europe was caused by a natural gas price spike. U.S. fiscal stimulus in 2021 was the same as in 2020. Only 1% of the U.S.’s 8% rise was caused by 2021 fiscal stimulus.
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