供应链约束与通货膨胀

This paper presents a New Keynesian framework to evaluate the impact of supply chain constraints on inflation. The authors show that binding capacity constraints for domestic and foreign producers shift domestic and import price Phillips Curves up, similar to reduced-form markup shocks. The authors apply the model to interpret recent US data and find that binding constraints explain half of the increase in inflation during 2021-2022. The authors conclude that tight capacity served to amplify the impact of loose monetary policy.