Whether post-pandemic inflation can be explained by demand-side versus supply-side factors is critical for setting monetary policy. Nevertheless, there is widespread disagreement about the underlying sources of recent inflation. This column argues that part of the disagreement is due to differences in (i) the variables being studied (inflation or interest rates), (ii) the countries analysed, and (iii) whether the focus is on domestic or global shocks. It finds that demand shocks were the

Tag-uri: Inflatie