ThinkTankWeekly

Demand-driven inflation

Brookings | 2026-09-23 | economy

Topics: Trade, United States

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English Summary

The Brookings analysis concludes that the post-pandemic surge in inflation across the US and Euro Area was primarily driven by unexpectedly strong aggregate demand, rather than solely by supply chain disruptions. This robust demand was fueled by a combination of strong consumer spending rebounds, expansionary government deficit spending, and accommodative monetary policy. The findings imply that policymakers underestimated the persistence and strength of the economic recovery. Strategically, the paper highlights that central banks' ability to navigate temporary supply shocks depends critically on maintaining credibility, which is built through a consistent history of containing inflation.

中文摘要

布魯金斯(Brookings)的分析指出,美國和歐元區疫情後通膨的飆升,主要驅動因素是意外強勁的總體需求,而非單純的供應鏈中斷。這種強勁的需求源於消費支出反彈、擴張性政府赤字支出,以及寬鬆貨幣政策等多重因素的結合。研究結果暗示,政策制定者低估了經濟復甦的持久性和強度。從戰略角度來看,該報告強調,中央銀行應對短期供應衝擊的能力,關鍵取決於其維持信譽的能力,而信譽的建立則依賴於持續遏制通膨的歷史記錄。

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