Supply Chain Constraints And Inflation
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Supply Chain Constraints And Inflation
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Author : Diego A. Comin
language : en
Publisher:
Release Date : 2023
Supply Chain Constraints And Inflation written by Diego A. Comin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
We develop a multisector, open economy, New Keynesian framework to evaluate how potentially binding capacity constraints, and shocks to them, shape inflation. We show that binding constraints for domestic and foreign producers shift domestic and import price Phillips Curves up, similar to reduced-form markup shocks. Further, data on prices and quantities together identify whether constraints bind due to increased demand or reductions in capacity. Applying the model to interpret recent US data, we find that binding constraints explain half of the increase in inflation during 2021-2022. In particular, tight capacity served to amplify the impact of loose monetary policy in 2021, fueling the inflation takeoff.
Demand Management Supply Constraints And Inflation
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Author : R.K. SHARMA
language : en
Publisher: Global India Publications
Release Date : 2009-12
Demand Management Supply Constraints And Inflation written by R.K. SHARMA and has been published by Global India Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12 with Production management categories.
This book presents the fundamentals for developing more reliable demand plans and schedules.It also shows what is necessary to build successful tradition partner relationships for demand collaboration.This book defines waht is reasonable to expect from a demand management process.It is our hope that the lesson shared in the book will stimulate improvements on how demand management is applied in your company and in the supply chains in which your company operates.
Demand Management Supply Constraints And Inflation
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Author :
language : en
Publisher:
Release Date : 1982
Demand Management Supply Constraints And Inflation written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with categories.
Inflation Strikes Back
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Author : Mary Amiti
language : en
Publisher:
Release Date : 2023
Inflation Strikes Back written by Mary Amiti and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
U.S. inflation has recently surged, with inflation reaching its highest readings since the early 1980s. We examine the drivers of this rise in inflation, focusing on supply chain disruptions, labor supply constraints, and their interaction. Using a calibrated two-sector New Keynesian DSGE model with multiple factors of production, foreign competition, and endogenous markups, we find that supply chain disruptions combined with a rise in the disutility of work raised inflation by about 2 percentage points in the 2021-22 period. We show that the combined shock increased price inflation in the model by 0.6 percentage point more than it would have risen if the shocks had hit separately. This amplification arises because the joint shock to labor and imported input prices makes substituting between labor and intermediates less effective for domestic firms. Moreover, the simultaneous foreign competition shock allows domestic producers to increase their pass-through into prices without losing market share. We then show that the benefit of aggressive monetary policy in the model depends on the source of the rise in inflation. If the rise in inflation is demand-driven, then aggressive monetary tightening can contain inflation without a recession later. In contrast, aggressive policy can have a large negative effect on the labor market when inflation is driven by supply chain and labor market disruptions. We use aggregate and industry-level data on producer prices, wages, and input prices to provide corroborating evidence for the key amplification channels in the model.
Supply Chain Shortages Large Firms Market Power And Inflation
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Author : Francesco Franzoni
language : en
Publisher:
Release Date : 2023
Supply Chain Shortages Large Firms Market Power And Inflation written by Francesco Franzoni and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with Business logistics categories.
We suggest an equilibrium mechanism for the widely debated argument that “greedflation” has fostered widespread price hikes. We construct firm and industry-level measures of supply chain backlogs and delivery delays and provide evidence that supply chain shortages lead to a decrease in competition at the industry level. We show that “star” firms acquire market shares and increase their markups and profitability relative to the smaller firms in the industry. We also show that the large increase in supply chain backlogs during the COVID-19 pandemic can help explain about 19% of the US inflation in industries with more asymmetric firm size distribution, where supply chain shortages are more likely to benefit large firms at the expense of smaller firms. Economic magnitudes are comparable in the international sample.
Global Supply Chain Pressure Uncertainty And Prices
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Author : Insu Kim
language : en
Publisher:
Release Date : 2023
Global Supply Chain Pressure Uncertainty And Prices written by Insu Kim and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
This paper examines the impact of global supply chain disruptions and the associated uncertainty on economic activity and inflation. We employ a Bayesian VAR model with the Global Supply Chain Pressure Index (GSCPI) and estimated uncertainty to analyze their effects during the pandemic. Our results reveal that an increase in GSCPI, representing a negative supply-side shock, triggers a significant and prolonged decline in employment and production coupled with rising inflation. Heightened uncertainty, acting as a demand-side shock, reduces economic activity and inflation. However, unlike a typical uncertainty shock, it significantly drives up inflation in the long run. Our study also demonstrates the heterogeneous responses of sectoral prices - including services, durable goods, and non-durable goods - and the Producer Price Index (PPI). Lastly, we show that shocks to the GSCPI and the associated uncertainty play a crucial role in explaining the recent surge in inflation.
World Economy Winter 2021 Temporary Slowdown
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Author : Klaus-Jürgen Gern
language : en
Publisher:
Release Date : 2021
World Economy Winter 2021 Temporary Slowdown written by Klaus-Jürgen Gern and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with categories.
Following an encouraging first half of the year, the recovery of the global economy has lost momentum. Across the globe, resurging Covid-19 infections weighed on economic activity. Supply chain disruptions prevented a further expansion of global industrial production, and the fast-moving recovery of the Chinese economy almost came to a sudden stop. The impact that the Omicron variant of the coronavirus will have on output remains uncertain at this stage. Over the next few months, we expect economic growth to be rather subdued before picking up again in 2022. We forecast global output (measured on a purchasing power parity basis) to increase by 5.7 percent in 2021 and 4.5 percent in 2022, representing a downward revision of our previous forecast by 0.2 and 0.5 percentage points for 2021 and 2022, respectively. For 2023, we have increased our forecast modestly from 3.8 percent to 4.0 percent. Inflation is thought to have peaked as the contribution of the energy component to overall inflation is expected to decline considerably going forward. Nonetheless, upward pressures on prices are expected to persist given continued supply constraints, and inflation rates will likely remain well above their respective pre-Covid levels.
Supply Bottlenecks Where Why How Much And What Next
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Author : Oya Celasun
language : en
Publisher: International Monetary Fund
Release Date : 2022-02-17
Supply Bottlenecks Where Why How Much And What Next written by Oya Celasun and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-17 with Business & Economics categories.
Supply constraints hurt the economic recovery and boosted inflation in 2021. We find that in the euro area, manufacturing output and GDP would have been about 6 and 2 percent higher, respectively, and half of the rise in manufacturing producer price inflation would not have occurred in the absence of supply bottlenecks. Globally, shutdowns can explain up to 40 percent of the supply shocks. Sectors that are more reliant on differentiated inputs—such as autos—are harder hit. Late last year industry experts expected supply shortages for autos to largely dissipate by mid-2022 and broader bottlenecks by end-2022, but given the Omicron wave, disruptions will last for longer, possibly into 2023. With supply constraints adding to price pressures, the challenge for policymakers is to support recovery without allowing high inflation to become entrenched.
Inflation Expectations
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Author : Peter J. N. Sinclair
language : en
Publisher: Routledge
Release Date : 2009-12-16
Inflation Expectations written by Peter J. N. Sinclair and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-16 with Business & Economics categories.
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
A Century Of Global Economic Crises
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Author : Lúcio Vinhas de Souza
language : en
Publisher: Springer Nature
Release Date :
A Century Of Global Economic Crises written by Lúcio Vinhas de Souza and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.