April 22, 2022

The US inflation rate has reached a fortyyear high. Not surprisingly it is front and center in most political and economic discussions. Economists, pundits, and politicians have pontificated about the “root causes” of the current inflationary surge. A careful analysis of articles in the press of the surge in the inflation rate leads to an interesting observation. To the dismay of monetarists who believe that inflation is a monetary phenomenon, non-monetary explanation dominates the views espoused by prominent economists, and sometimes even the Fed chair and or the President of the United States. Below we review a couple of the most popular non-monetary explanations.

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