With his opinion article in The Atlantic, Josh Hausman, associate professor of public policy and economics, suggests high inflation rates may last for years. He describes the reasons behind inflation—including a consumer shift from services to goods, supply chain issues, and labor shortages. He then offers ways the Biden Administration can get inflation under control beyond raising interest rates.
"Better policy to manage COVID, meaning both better policy to control the disease and better policy to limit the economic effect of the disease, could increase the economy’s capacity to produce goods and services. Better policy most obviously means more vaccination, at home and abroad. It also means widely available and cheap rapid tests; testing allows infected individuals to isolate themselves, and it allows workplaces to do more to reassure workers that they are safe."