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Supply Disruptions and Fiscal Stimulus: Transmission through Global Value Chains

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Listed:
  • François de Soyres
  • Alexandre Gaillard
  • Ana Maria Santacreu
  • Dylan Moore

Abstract

We study the impact of demand and supply factors on bottlenecks and inflation during the COVID-19 pandemic. Initial policy interventions, from lockdowns to fiscal stimuli, triggered shifts in consumer spending and supply chain disruptions. The reopening of economies normalized consumption patterns, but attributing bottlenecks to specific factors remains challenging due to diverse policy responses. This paper empirically integrates fiscal spending, mobility measures, and supply constraints to analyze interconnected factors influencing bottlenecks and inflation internationally. We find an important role played by fiscal shocks and the international propagation of demand and supply forces in shaping bottlenecks and inflation dynamics.

Suggested Citation

  • François de Soyres & Alexandre Gaillard & Ana Maria Santacreu & Dylan Moore, 2024. "Supply Disruptions and Fiscal Stimulus: Transmission through Global Value Chains," AEA Papers and Proceedings, American Economic Association, vol. 114, pages 112-117, May.
    • Handle: RePEc:aea:apandp:v:114:y:2024:p:112-17
    DOI: 10.1257/pandp.20241099
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    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation

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