Unconventional Policy and Inflation

We thank Edo Briganti, Ina Hajdini, and Nora Traum, as well as seminar and conference participants at the 2025 Econometric Society World Congress, the 2026 ASSA Annual Meeting, the Central Bank Research Annual Conference (CEBRA) at Harvard Business School, the QCGBF Annual Conference at King’s Business School, Bank of Canada, Banque de France, and the Canadian Economic Association Annual Meeting for helpful comments. We are also grateful to Alex Houtz, Ruoqing Jiang, and Yaqi Liu for excellent research assistance. This paper was previously circulated as “Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge?” Zhang acknowledges support from the National Natural Science Foundation of China (No.72422014). The views in this paper are those of the authors and do not necessarily reflect those of the Bank of Canada or the National Bureau of Economic Research.

• October 8, 2024
• July 10, 2025