Based on a dynamic panel data model, this paper estimates the impact of lockdown policies on inflation with metropolitan-level data in the US. After controlling for the unit/time fixed effects and a number of aggregate demand/supply shifters, lockdown policies created a mild inflationary effect...

The responsiveness of house prices to monetary policy shocks depends both on the nature of the shock – expansionary versus contractionary – and on city-specific housing supply elasticities. We test and find supporting evidence for the hypothesis that expansionary monetary policy shocks have...