Biden stimulus will cause small, short price spike, says paper

Joe Biden
Joe Biden
Gage Skidmore

The $1.9 trillion stimulus package passed earlier this year will only modestly affect prices, according to new research from the Federal Reserve Bank of San Francisco. The paper predicts only a small increase in a key core inflation measure until 2022.

The authors – Regis Barnichon, Luiz Oliveira and Adam Shapiro – measure the ratio between unemployment and vacancies to get an idea of pressure in the labour market. They find that there are about 1.25 vacancies per unemployed person. This figure

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