Many observers have linked the sharp rise in prices in the US and Europe since 2021 to supply chain disruptions and increasing energy costs. This column argues instead that it was predominantly driven by unexpectedly strong demand forces, not only in the US but also in the euro area. These forces resulted from a combination of surprisingly robust pent-up demand following the pandemic restrictions, exceptionally expansionary fiscal policies, and an unusually accommodative monetary stance by the

Tag-uri: Inflatie