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An analysis of pandemic-era inflation in 11 economies

Author

Listed:
  • Ben S. Bernanke

    (Brookings Institution)

  • Olivier J Blanchard

    (Peterson Institute for International Economics)

Abstract

In a collaborative project with ten central banks, Bernanke and Blanchard investigate the causes of the pandemic-era global inflation, building on their work for the United States. Globally, as in the United States, pandemic-era inflation was due primarily to supply disruptions and sharp increases in the prices of food and energy; however, the inflationary effects of these supply shocks have not been persistent, in part due to the credibility of central bank inflation targets. As the effects of supply shocks have subsided, tight labor markets, and the resulting rises in nominal wages, have become relatively more important sources of inflation in many countries. In a number of countries, including the United States, curbing wage inflation and returning price inflation to target may require a period of modestly higher unemployment.

Suggested Citation

  • Ben S. Bernanke & Olivier J Blanchard, 2024. "An analysis of pandemic-era inflation in 11 economies," Working Paper Series WP24-11, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp24-11
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    Keywords

    Inflation; monetary policy; aggregate demand; Beveridge curve; commodity prices; energy prices; food prices; shortages; inflation expectations;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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