Supply-side factors and inflation

The U.S. economy’s recent inflationary period has surfaced new questions about the relationship between inflation and the economy, how the drivers of inflation have evolved, and how persistent those changes will be. While the debate in recent years has focused on the sources of inflation during the COVID-19 pandemic, this research effort seeks to apply our understanding of those dynamics to future supply shocks, including how policymakers can develop tools for mitigating the effects of supply shocks on inflation and how those are different from the tools used to mitigate the effects of demand shocks.

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This research project was supported in part by the Hewlett Foundation.