product-market and labor-market shocks on prices and nominal wages and to quantify the sources of U.S. pandemic-era inflation …, most of the inflation surge that began in 2021 was the result of shocks to prices given wages. These shocks included sharp …We answer the question posed by the title by specifying and estimating a simple dynamic model of prices, wages, and …

wages and their respective outcomes across sectors and various worker characteristics. To analyze the pandemic's impacts on …) regressions. We also estimate the effects on real daily wages through OLS regressions on subsamples of wage and salary workers … larger on employment than on real wages, in contrast to findings for previous crises which found the reverse to be true …

import demand contributed to the rise in domestic inflation. …