Journal Article
President's Message: How Long Will Higher Inflation Last?
Barkin, Tom (2022-10)
For the first time in more than a generation, we are grappling with high, broad-based, and persistent inflation.The pandemic and events like Russia's invasion of Ukraine unleashed shocks that affected supply chains and labor markets, pushing prices and wages up. In response to the pandemic, $6 trillion of fiscal stimulus was enacted, fueling demand and limiting labor supply. And some have argued the Fed's pandemic response was too expansionary for too long — that we were caught off guard after the prior decade of stubbornly low inflation.
Econ Focus , Volume 22 , Issue 4Q , Pages 1