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221. The Great Depression as a Savings Glut

Author:
Victor Degorce and Éric Monnet
Publication Date:
11-2024
Content Type:
Working Paper
Institution:
Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
Abstract:
New data covering 23 countries reveal that banking crises of the Great Depression coincided with a sharp international increase in deposits at savings institutions and life insurance. Deposits fled from commercial banks to alternative forms of savings. This fuelled a credit crunch since other institutions did not replace bank lending. While asset prices fell, savings held in savings institutions and life insurance companies increased as a share of GDP and in real terms. These findings provide new explanations of the fall in credit and aggregate demand in the 1930s. They illustrate the need to consider nonbank financial institutions when studying banking crises.
Topic:
History, Great Depression, Banking Crisis, Savings, and Thrift
Political Geography:
Global Focus and United States of America

222. Net-Zero and Nonproliferation: Assessing Nuclear Power and Its Alternatives

Author:
Henry D. Sokolski
Publication Date:
01-2024
Content Type:
Book
Institution:
Nonproliferation Policy Education Center
Abstract:
Six years ago, NPEC ran a mock execution of a law Congress passed in 1978 but that the Executive refused to implement —Title V of the Nuclear Nonproliferation Act of 1978. Title V called on the State and Energy Departments to conduct country-specific analyses of how developing states might best meet their energy needs without nuclear power. It also called for the creation of an energy Peace Corps and an assessment of what our government was spending on energy development aid-related projects. When NPEC started its efforts, the staff on the Senate Foreign Relations Committee asked to see what NPEC produced to use it to pressure the Executive finally to implement the law. NPEC commissioned a number of studies on how Iran, Saudi Arabia, China, and Taiwan might best meet their energy requirements without nuclear power. The center also contracted studies on the history and intent of Title V and on what government programs were already in play that aligned with Title V‘s stated objectives. As soon as NPEC’s project was completed, the Senate Foreign Relations Committee staff prepared a letter to Secretary of State Hillary Clinton asking the Secretary finally to implement Title V and file the reports required by law. Then, something unexpected occurred. The committee’s legal counsel discovered that the Secretary was under no obligation to comply: Congress had eliminated Title V’s reporting requirements along with several hundred other Congressionally mandated reports back in 1995. Flummoxed, I quietly set the book manuscript aside. Why, then, release it today? Because it is again timely. In October, the Biden Administration announced it is still considering extending civilian nuclear cooperation with Riyadh that would allow the Kingdom to enrich uranium — a process that can bring states within weeks of acquiring the bomb. Administration officials no longer question if Saudi Arabia really needs nuclear energy to meet its energy requirements. Shouldn’t they? Meanwhile, Taiwan’s presidential election this coming Saturday will, among other things, decide if Taiwan will build more nuclear reactors or not. Again, is new nuclear Taiwan’s best energy bet? As for China, the Pentagon has become increasingly concerned that the two “peaceful” fast breeder reactors and plutonium reprocessing plants Beijing is building will be used to make hundreds of bombs worth of weapons plutonium. One of the two fast breeder reactors is already operating. The question these dangerous nuclear activities raise is just how necessary they are to meet China’s energy requirements. Then, there’s Iran, which is intent on building reactors of Iranian design. It plans on expanding its nuclear power program from roughly one gigawatt electrical capacity to 11. Given Iran’s renewables potential and oil and gas reserves, how much sense does this make? Finally, in its efforts to achieve net zero, the Biden Administration has joined 20 other nations in pledging to triple global nuclear generation by 2050. Again, how practical is this? This volume’s aim is to help provide answers. Of course, in light of how long our government has ignored Title V, demanding it be implemented now would be odd. Creating a clean energy Peace Corps, comparing the costs of different types of energy, and trying to determine what investments would reduce emissions quickest and cheapest, however, all should be discussed. It’s my hope that the release of Net-Zero and Nonproliferation: Assessing Nuclear Power and Its Alternatives today might prompt such discussion.
Topic:
International Cooperation, Nuclear Power, Nonproliferation, Legislation, Energy, and Net Zero
Political Geography:
China, Iran, Middle East, Taiwan, Asia, Saudi Arabia, North America, and United States of America

223. Power and Financial Interdependence

Author:
Brad Setser
Publication Date:
05-2024
Content Type:
Working Paper
Institution:
Institut français des relations internationales (IFRI)
Abstract:
The link between financial self-reliance and geopolitical power has long been debated. The unbalanced Sino-American trade relationship has created asymmetric financial ties which generate potential sources of leverage for both parties and will not quickly disappear. Absent a clarifying major crisis, it will be difficult to definitively determine which party has greater leverage. Many in the United States (US) are concerned about indebtedness to its primary strategic rival, and the risks posed by a sudden Chinese withdrawal from US financial markets. US policymakers actively sought to encourage China’s top leadership not to withdraw financing from the market for US Agency securities in the run-up to the global financial crisis. Yet China also sees risks in this unbalanced financial relationship. Chinese policymakers have expressed concern about the domestic political consequences of losses on either their Treasury or Agency holdings and actively have sought to diversify China’s reserves – including by substituting the risk of lending to developing economies for the visibility associated with large holdings of Treasuries in US custodians. China increasingly worries that its dollar holdings and the dollar’s global role increase its vulnerability to potential financial sanctions. Both parties thus worry about the possibility that financial interdependence can be weaponized yet find it hard to extricate themselves from the inevitability of financial interdependence absent a clean break from an entrenched pattern of trade imbalances.
Topic:
International Trade and Finance, Bilateral Relations, Finance, and Interdependence
Political Geography:
China, Asia, North America, and United States of America

224. The Future of Nuclear Proliferation after the War in Ukraine

Author:
Nicholas L. Miller
Publication Date:
04-2024
Content Type:
Working Paper
Institution:
Institut français des relations internationales (IFRI)
Abstract:
In the context of deep changes to the international security environment, especially the war in Ukraine, the risks of nuclear proliferation seem quite high, especially in the Middle East and East Asia. Four categories of factors have been identified that might trigger an escalation. Firstly, changes in the international security environment, including heightened competition among major powers, could increase pressure for proliferation in regions like Europe, Asia, and the Middle East. Secondly, the declining ability of the United States to enforce non-proliferation regimes may lead allies to seek nuclear capabilities due to concerns over U.S. reliability. Thirdly, failures by nuclear powers to uphold disarmament commitments and the emergence of the Treaty on the Prohibition of Nuclear Weapons could undermine non-proliferation norms. Lastly, the war in Ukraine highlights the potential use of nuclear threats in conflicts, reinforcing the perception of nuclear weapons as crucial for national security. While there are reasons to anticipate growing proliferation risks, historical precedent suggests that these risks can be managed. Concerns over U.S. reliability and disarmament failures have been addressed through coercion and reassurance in the past. Additionally, the impact of conventional wars supported by nuclear deterrence has been contained. While some risk factors are novel, such as the decline of the U.S. nuclear industry and the emergence of the Treaty on the Prohibition of Nuclear Weapons, their decisive impact remains uncertain. The implications for the Middle East and East Asia vary. Allies like Japan and South Korea may be convinced to remain non-nuclear due to U.S. security assurances, while adversaries like Iran could be incentivized to pursue nuclear capabilities amid declining effectiveness of U.S. sanctions. If Iran acquires nuclear weapons, it may pressure Saudi Arabia to follow suit, potentially leading to regional proliferation dynamics. Thus, great powers and the international community need to step in to manage proliferation triggers by maintaining a focus on nonproliferation in their statecraft.
Topic:
Arms Control and Proliferation, Nuclear Weapons, International Security, Deterrence, and Russia-Ukraine War
Political Geography:
Russia, South Korea, Saudi Arabia, and United States of America

225. Seeking Safer Shells: An Analysis of Interpretations, Justifications, and Rationales Behind Decisions on North Korean Defectors’ Right to Asylum

Author:
Megumi Faith Mallari and Saleh Naas
Publication Date:
04-2024
Content Type:
Journal Article
Journal:
Journal of Public and International Affairs (JPIA)
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
Despite their known and indisputable need for protection, North Koreans often have their applications for asylum rejected. This paper outlines the differing interpretations of North Koreans’ right to asylum and investigates the rationales and justifications behind them through the case studies of the United Kingdom, the United States, Germany, France, the Netherlands, and China (PRC). The paper argues that the rationale of the European countries analyzed is based on their generally restrictive view on asylum, independent from their political positioning on the Democratic People's Republic of Korea (DPRK). Contrastingly, the rationales of the United States and the PRC are grounded in interests directly related to the Korean peninsula and Cold War narratives.
Topic:
Geopolitics, Asylum, and Refugee Policy
Political Geography:
China, United Kingdom, Asia, South Korea, North Korea, France, Germany, Netherlands, and United States of America

226. Revising Organ Procurement Organization Guidelines to Obtaining Family Consent for Deceased Donation: An Anthropologically Informed Policy Proposal

Author:
Gillian Tisdale
Publication Date:
04-2024
Content Type:
Journal Article
Journal:
Journal of Public and International Affairs (JPIA)
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
Organ transplantation has become a widespread medical practice with public policy designed to increase rates of deceased donation. When individuals have not registered as organ donors, next-of-kin are called on to make donation decisions—requiring families to grapple with the often-confusing concept of ‘brain death’ and parse their understanding of what the deceased would have wanted. Current public policy is explicitly designed to promote high donation rates without clear regard to the experiences of donor-families; at best, these policies prime donation conversations to involve unethical practices, while at worst, the disregard of kin’s experiences may also diminish deceased donation rates. Anthropological literature has documented the often aggressive tactics used by transplant organizations that demonstrate a disregard for the emotional experiences of kin. In 2023, Congress passed the Securing the U.S. Organ Procurement and Transplantation Network Act, prompting the United States Department of Health and Human Services (HHS) to reevaluate organ donation policies and solicit requests for proposal for a new federal contractor to take over the network responsible for overseeing all organ sharing. This article leverages the relevant anthropological literature to provide guiding principles and proposed language amending the Centers for Medicare & Medicaid Services (CMS) Interpretive Guidance that HHS could implement as part of its modernization initiative. These principles aim to improve experiences for kin without lowering donation rates. The article recommends that HHS and its contractors collect metrics to measure the quality of Organ Procurement Organization (OPO) interactions, counterbalancing current benchmarks focused on procurement rates. It also recommends improved protocols to empathically and systematically support kin’s understanding of brain death.
Topic:
Legislation, Public Policy, Procurement, and Organ Transplants
Political Geography:
North America and United States of America

227. Guam in Washington, 1972-Present: The Overlooked Strategic Implications of Congressional Polarization

Author:
Mirabai Venkatesh
Publication Date:
04-2024
Content Type:
Journal Article
Journal:
Journal of Public and International Affairs (JPIA)
Institution:
School of Public and International Affairs (SPIA), Princeton University
Abstract:
Contrary to the long-held logic that giving Guam a stronger, more autonomous voice will undermine U.S. strategic interests, failing to provide Guam with a stable pathway of interest advancement beyond Congress hinders its development and with it the federal government’s ability to achieve soft-power advantages and basic military readiness in the Indo-Pacific theater. Since the United States assumed responsibility for administering the territory of Guam in 1898, it has treated the prospect of Guam’s status improvement as detrimental to U.S. strategic interests. This has informed its chosen method of territorial administration, which places U.S. territories under the authority of the Department of the Interior. Each territory is then given only one formal representative in Congress, specifically the U.S. House of Representatives, but without full-voting rights. This paper will explore how Guam has managed to advance its interests in Washington since 1972, highlighting how congressional representation has become Guam’s most successful pathway of interest advancement with the federal government to date. However, the agency and success of Guam’s congressional delegates must be framed within a broader discussion of the fragility of the U.S. approach to territorial administration, which has relegated Guam to a pathway of interest advancement incredibly vulnerable to political sea change. Ultimately, this paper will illustrate how Guam’s main pathway of interest advancement in Washington is quickly narrowing at the expense of U.S. strategic interests in the Indo-Pacific.
Topic:
Foreign Policy, Domestic Politics, History, Soft Power, Autonomy, and Strategic Interests
Political Geography:
Asia-Pacific, United States of America, Indo-Pacific, and Guam

228. Emerging Powers and the Future of American Statecraft

Author:
Christopher S. Chivvis and Beatrix Geaghan-Breiner
Publication Date:
04-2024
Content Type:
Special Report
Institution:
Carnegie Endowment for International Peace
Abstract:
The structure of international politics is changing in ways that are not fully appreciated in Washington. The United States has paid a great deal of attention to the rise of China in the last decade but much less to emerging powers whose rise will also shape the operating environment for American statecraft. No single emerging power will have an impact tantamount to China’s, but they will have a significant impact collectively due to their geopolitical weight and diplomatic aspirations. America has limited ability to influence the trajectory of these emerging powers, identified in this report as Argentina, Brazil, India, Indonesia, Mexico, Nigeria, Saudi Arabia, South Africa, Thailand, and Türkiye. They have taken stances that contrast or directly clash with U.S. positions on China and on Russia over the past few years. Nearly all have voiced concerns about Washington’s approach to the war in Ukraine, even as they criticized Moscow’s invasion. Almost none would line up with the United States in a confrontation with China. Instead, they are likely to pursue highly self-interested foreign policies. Washington should expect that they will increasingly challenge some of its policies, sustain relationships with its adversaries, and press their own agendas on the global stage. The emerging powers’ statecrafts are shaped in large part by their drive for economic security. But their geographies, different preferences for world order, domestic politics, and defense relationships also play a role. Concerns about the strength of democracy in other countries, which has played an animating role in U.S. foreign policy for decades, are a lower priority for them, no matter how democratic they are. It will be a mistake for the United States to frame its relations with these emerging powers primarily as part of a competition for influence with China and Russia, however tempting it may be to do so. These powers are not swing states that will tilt decisively toward either side in a global great power competition. Most will resist any efforts to bring them into a U.S.-led camp as in the Cold War. Trying to make them do so would also risk strategic overreach by embroiling the United States too deeply in the emerging powers’ domestic politics or by expending its resources in pursuit of building ties that never materialize. A better approach for the United States would be to focus on negotiating interest-based deals with emerging powers while cordoning off areas of disagreement. These might include tailored market access and investment agreements, agreements on technology manufacturing, energy transition initiatives, efforts to combat deforestation, efforts to build public health infrastructure, and infrastructure investments. It would be wasteful of the United States to offer these countries security guarantees, but in some cases providing security assistance can serve its interests. Washington should accept that most of these countries will maintain close diplomatic, economic, and sometimes security relationships with China and probably Russia. Over the longer term, it will serve U.S. interests to strengthen the sovereignty of emerging powers when possible and cost-effective to do so. This will provide a bulwark against the undue expansion of China’s power and influence and help ensure that, even if they do not side with the United States, they are not drawn closely into the orbit of its major geopolitical competitors. Strengthening emerging powers’ sovereignty will also help boost their development as constructive powers with a stake in sustaining a peaceful world order conducive to global economic growth.
Topic:
Foreign Policy, Sovereignty, Strategic Competition, and Emerging Powers
Political Geography:
Africa, Russia, China, Middle East, Asia, Latin America, and United States of America

229. Israel and Genocide: Not Only In Gaza

Author:
Mark Lewis Taylor
Publication Date:
03-2024
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
Israel and the United States share responsibility in perpetuating Guatemala's military-sponsored Silent Holocaust.
Topic:
Genocide, Counterinsurgency, and State Sponsored Terrorism
Political Geography:
Israel, Palestine, Gaza, Guatemala, and United States of America

230. Honduras: A Narco-State Made in the United States

Author:
Laura Blume
Publication Date:
04-2024
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
Although Juan Orlando Hernández was convicted of drug trafficking in a New York court, the United States has yet to own up to its role in fostering state-sponsored drug trafficking in Honduras.
Topic:
Conflict, Coup, Organized Crime, Drug Trafficking, and Narco-State
Political Geography:
Latin America, Honduras, and United States of America

231. Viva Palestina! NYC Student Encampments Spark National Rebellion

Author:
Mariana Navarrete Villegas
Publication Date:
05-2024
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
Latinx students are standing with Palestine. For them, the occupation and oppression of Palestine are inseparable from the U.S.- and Israel-backed militarization of Latin America.
Topic:
Genocide, Occupation, Protests, Political Movements, Students, and Militarization
Political Geography:
New York, Palestine, Gaza, Latin America, North America, and United States of America

232. A Strategic Cross-Border Labor Alliance

Author:
David Bacon
Publication Date:
02-2024
Content Type:
Commentary and Analysis
Institution:
The North American Congress on Latin America (NACLA)
Abstract:
A relationship between a U.S. and a Mexican union, forged in the face of NAFTA, has borne fruit over decades of struggle. Two leaders reflect on the importance of international solidarity.
Topic:
Labor Issues, Solidarity, Alliance, NAFTA, and Unions
Political Geography:
Latin America, North America, Mexico, and United States of America

233. Update: US and UK Strikes on Yemen Escalate Tensions

Author:
Luca Nevola
Publication Date:
01-2024
Content Type:
Commentary and Analysis
Institution:
Armed Conflict Location & Event Data Project (ACLED)
Abstract:
On 12 January, United States and United Kingdom air forces claimed to have carried out strikes on over 60 Houthi targets at 16 locations in Yemen. The operation was supported by Australia, Bahrain, Canada, and the Netherlands, members of the naval task force Operation Prosperity Guardian. The spokesperson of the Houthi military forces acknowledged the attack, mentioning that 73 raids targeted the capital Sanaa and the governorates of al-Hudayda, Taizz, Hajja, and Saada, resulting in five fighters dead and six injured. The multi-national operation sought to eliminate Houthi strategic infrastructure, thereby diminishing the Houthis’ offensive capabilities, and to retaliate following the group’s 9 January direct attack on US warships. However, it is unlikely that the strikes completely eradicated Houthi military capacity to target objectives in the Red Sea.
Topic:
Non State Actors, Houthis, Armed Conflict, and Strategic Infrastructure
Political Geography:
United Kingdom, Middle East, Yemen, and United States of America

234. US Student Pro-Palestine Demonstrations Remain Overwhelmingly Peaceful | ACLED Brief

Author:
Bianca Ho and Kieran Doyle
Publication Date:
05-2024
Content Type:
Commentary and Analysis
Institution:
Armed Conflict Location & Event Data Project (ACLED)
Abstract:
Student protests calling for divestment from Israel on university campuses around the United States are the latest sign of public discontent with the Israel-Palestine conflict. Some notable violent clashes have recently taken place, such as on the University of California, Los Angeles (UCLA) campus, where demonstrators and counter-demonstrators fought at a student encampment overnight on 30 April. However, between 7 October and 3 May, the overwhelming majority of student demonstrations — 97% — have remained peaceful. Demonstrations involving students now make up more than 40% of all US demonstration activity related to the conflict since it reignited in October 2023. Over 94% of the more than 1,360 student demonstrations held between 7 October 2023 and 3 May 2024 have shown support for Palestine.
Topic:
Political Movements, Students, Demonstrations, Divestment, and Universities
Political Geography:
Middle East, Palestine, Gaza, North America, and United States of America

235. US Hegemony in Latin America: Think Tanks and the Formation of Consensus about the Chinese Presence

Author:
Luciana Wietchikoski and Livia Peres Milani
Publication Date:
05-2024
Content Type:
Journal Article
Journal:
Revista Brasileira de Política Internacional (RBPI)
Institution:
Instituto Brasileiro de Relações Internacionais (IBRI)
Abstract:
In recent years, U.S. government agencies have defined the Chinese presence in Latin America as a challenge, which has organized foreign policy towards the region. Departing from a neo-Gramscian approach, this paper investigates the bibliographical production of U.S. think tanks and seeks to understand the construction of consensus about the Chinese presence in Latin America. The methodology is based on content analysis and we identified two main narratives: in the first, the Chinese presence is presented as a threat to U.S. regional hegemony; in the second, the Chinese adaptation to liberal precepts is sought. There are therefore nuances in how the Chinese power is perceived, although the discourses remain restricted to the promotion of capitalism and neoliberalism under U.S. leadership.
Topic:
Foreign Policy, Hegemony, and Think Tanks
Political Geography:
China, Latin America, North America, and United States of America

236. How American Public Opinion on Palestine Shifted

Author:
Geneive Abdo
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
Cairo Review of Global Affairs
Institution:
School of Global Affairs and Public Policy, American University in Cairo
Abstract:
Overlapping connections among young activists struggling for the rights of women, 2SLGBTQIA+, Black Lives Matter, indigenous Indians, Latinos, and all people of color have produced a dramatic shift in how the Palestinian–Israeli conflict is being perceived in the United States
Topic:
Public Opinion, Solidarity, Protests, Ceasefire, and Activism
Political Geography:
Israel, Palestine, North America, and United States of America

237. Covering the Palestinian–Israeli Conflict: Between Exasperation and Empathy

Author:
Lawrence Pintak
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
Cairo Review of Global Affairs
Institution:
School of Global Affairs and Public Policy, American University in Cairo
Abstract:
A personal reflection of American involvement in the region’s wars through the eyes of a correspondent
Topic:
Media, Journalism, Israeli–Palestinian Conflict, and Empathy
Political Geography:
Middle East, Israel, Palestine, and United States of America

238. Gaza: Israel’s Unwinnable War

Author:
Richard Silverstein
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
Cairo Review of Global Affairs
Institution:
School of Global Affairs and Public Policy, American University in Cairo
Abstract:
Even if, for argument’s sake, it achieved its war goals, Palestinian resistance will exist wherever there are Palestinians—whether in Sinai, Beirut, Ankara, Tehran or Amman
Topic:
Israel Defense Forces (IDF), Axis of Resistance, 2023 Gaza War, and AIPAC
Political Geography:
Middle East, Israel, Palestine, Gaza, and United States of America

239. Why Trump's tariff proposals would harm working Americans

Author:
Kimberly Clausing and Mary Lovely
Publication Date:
05-2024
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
At the beginning of its history, the United States relied on tariffs—taxes on imported goods—as its major source of government revenue. That changed starting in the early 20th century, with the enactment of the federal income tax and the advent of a new consensus recognizing tariffs as regressive, burdening the working class while leaving untaxed much of the income accruing to the wealthy. At present, less than 2 percent of government revenue in high-income countries comes from import taxes. Today, however, the United States may be on the cusp of reverting to an antiquated approach to funding its government. Presidential candidate Donald Trump is proposing to reduce US reliance on income taxes while increasing our reliance on import tariffs. He proposes extending expiring tax cuts from 2017 and has also suggested possible new rounds of tax cuts. At the same time, he has proposed a ten percent "across-the-board" tariff and a 60 percent or more tariff on imports from China. Together, these policy steps would amount to regressive tax cuts, only partially paid for by regressive tax increases. The tariffs would reduce after-tax incomes by 3.5 percent for those in the bottom half of the income distribution and cost a typical household in the middle of the income distribution about $1,700 in increased taxes each year. If executed, these steps would increase the distortions and burdens created by the rounds of tariffs levied during the first Trump administration (and sustained during the Biden administration), while inflicting massive collateral damage on the US economy. This Policy Brief leverages recent research to provide approximate calculations for the cost of the higher proposed tariffs to US consumers, considering the distribution of these costs across US households and the consequences for US federal revenues. In sum, Trump's tax proposals entail sharply regressive tax policy changes, shifting tax burdens away from the well-off and toward lower-income members of society while harming US workers and industries, inviting retaliation from trading partners, and worsening international relations.
Topic:
Elections, Tax Systems, Trade Policy, Donald Trump, and Protectionism
Political Geography:
North America and United States of America

240. The influence of gasoline and food prices on consumer expectations and attitudes in the COVID era

Author:
Joanne Hsu
Publication Date:
05-2024
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics
Abstract:
Food and gasoline prices are extremely salient to consumers, who regularly purchase these goods, and these prices are highly visible. The shared experience of purchasing food and gasoline makes it no surprise that those prices have been blamed for the relatively dismal consumer views of the economy in 2023 amid strong economic indicators, including slowing inflation, low unemployment, and robust growth. At the same time, consumer inflation expectations have eased during this past year. This Policy Brief investigates the role food and gasoline prices play in influencing consumer inflation expectations and economic sentiment, as measured on the University of Michigan Surveys of Consumers, and focuses on the COVID inflationary episode. The author finds that, although consumer sentiment now appears to be more sensitive to inflation than prior to the pandemic, inflation expectations do not. Even though inflation has waned, consumers still spontaneously comment on the negative impact of high prices on their lives. That said, these persistently negative perceptions about inflation have not translated into persistently high inflation expectations.
Topic:
Inflation, COVID-19, Consumer Behavior, and Cost of Living
Political Geography:
North America and United States of America