The causes of and responses to today’s inflation

IF 2.8 4区管理学 Q2 BUSINESS

Industrial and Corporate Change Pub Date : 2023-03-07 DOI:10.1093/icc/dtad009

J. Stiglitz, Ira Regmi

引用次数: 9

Abstract

Over the last couple years, the world has experienced the highest levels of inflation in more than four decades. This paper provides a framework for analyzing the causes and the appropriate responses. We show that it is not caused by an excess of aggregate demand, and in particular, not caused by any excess consumption arising from excessive pandemic spending, but by supply-side shocks, largely induced by the pandemic (e.g., chips), and also by the war in Ukraine, combined with sectoral demand shifts. We analyze the role played by market power and the lack of resilience. Increases in interest rates, beyond normalizing levels, will do little to address the underlying problems and may exacerbate them, impeding effective responses to supply shortages. The paper describes alternative fiscal and other measures that, while addressing current inflation, have further long-term welfare benefits.

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今天通货膨胀的原因和对策

在过去的几年里，世界经历了40多年来最高水平的通货膨胀。本文提供了一个分析原因和适当对策的框架。我们表明，这不是由总需求过剩引起的，尤其不是由疫情支出过多引起的任何过度消费引起的，而是由供应方面的冲击引起的，主要是由疫情（如芯片）引起的，还有乌克兰战争，加上部门需求的转变。我们分析了市场力量所扮演的角色和缺乏韧性。除了正常化水平之外，加息对解决根本问题几乎没有作用，可能会加剧这些问题，阻碍对供应短缺的有效应对。该文件描述了替代财政和其他措施，这些措施在解决当前通货膨胀的同时，还具有进一步的长期福利。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Industrial and Corporate Change Multiple-

CiteScore

5.10

自引率

4.00%

发文量

期刊介绍： The journal covers the following: the internal structures of firms; the history of technologies; the evolution of industries; the nature of competition; the decision rules and strategies; the relationship between firms" characteristics and the institutional environment; the sociology of management and of the workforce; the performance of industries over time; the labour process and the organization of production; the relationship between, and boundaries of, organizations and markets; the nature of the learning process underlying technological and organizational change.