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Federal Reserve Bank of St. Louis: 'Monetary Policy and the Great COVID-19 Price Level Shock'
August 13, 2025
ST. LOUIS, Missouri, Aug. 13 (TNSLrpt) -- The Federal Reserve Bank of St. Louis issued the following white paper (No. 025-004) on July 28, 2025, by David Andolfatto and Fernando Martin entitled "Monetary Policy and the Great COVID-19 Price Level Shock."

Here are excerpts:

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We employ a small-scale dynamic general equilibrium model to analyze the surge in inflation following the COVID-19 pandemic. A calibrated version of the model is used to as . . .

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