Fiscal policy and excess inflation during Covid-19: a cross-country view, Accessible Data

Figure 1: Mobility

Pre-pandemic level = 0

Date U.S. Advanced Foreign Economies (AFE) Emerging Market Economies (EME)
2/15/2020 3.25 1.024742089 2.417500243
2/16/2020 2.875 0.56899128 0.976731833
2/17/2020 -0.333333333 -0.471638283 1.046762718
2/18/2020 -0.25 -0.380724966 1.084556612
2/19/2020 0 -0.522508904 0.924598816
2/20/2020 0.041666667 -0.513601752 1.020150141
2/21/2020 0.071428571 -0.577091947 1.154263053
2/22/2020 0.285714286 -0.640769289 0.822881121
2/23/2020 0.535714286 -0.178920866 0.723490277
2/24/2020 1.75 -0.631737275 -0.412476264
2/25/2020 2.071428571 -0.873165818 -2.479325077
2/26/2020 2.428571429 -1.184284515 -3.133483139
2/27/2020 3 -1.548212897 -3.346109094
2/28/2020 3.607142857 -1.649057103 -3.401726982
2/29/2020 4 -1.975007164 -3.094460076
3/1/2020 4.535714286 -2.470423536 -2.964836657
3/2/2020 4.928571429 -2.088197925 -1.495423013
3/3/2020 5.535714286 -2.031279059 0.774121956
3/4/2020 5.714285714 -2.039438941 1.590693565
3/5/2020 5.821428571 -2.232593179 2.005132088
3/6/2020 5.607142857 -2.563336677 2.2881717
3/7/2020 5.607142857 -2.850940704 2.362212227
3/8/2020 5.321428571 -3.26574882 2.509876783
3/9/2020 5.071428571 -3.493884841 2.096275763
3/10/2020 4.428571429 -4.29584871 1.957806068
3/11/2020 4.285714286 -4.75555372 1.860534103
3/12/2020 4.285714286 -5.252116364 1.589105532
3/13/2020 4.25 -6.112902 1.298506563
3/14/2020 3.214285714 -8.26212578 0.683879194
3/15/2020 1.75 -10.73151928 -0.334092295
3/16/2020 0.321428571 -12.88879548 -1.71731902
3/17/2020 -2 -15.87611776 -3.746854426
3/18/2020 -5.285714286 -19.64831948 -6.488704279
3/19/2020 -9.214285714 -23.50717956 -9.958747176
3/20/2020 -13.17857143 -27.89570674 -14.32605823
3/21/2020 -16.85714286 -31.14379653 -18.84280378
3/22/2020 -20.96428571 -34.84294969 -23.51053202
3/23/2020 -24.78571429 -37.97667979 -28.01379645
3/24/2020 -27.82142857 -40.36196334 -32.24182664
3/25/2020 -30.35714286 -42.10832568 -36.23102157
3/26/2020 -32.46428571 -43.65737343 -39.25125573
3/27/2020 -34.35714286 -44.58164999 -41.43812146
3/28/2020 -36.07142857 -45.71437929 -42.88958856
3/29/2020 -37 -47.19557618 -43.75425162
3/30/2020 -37.71428571 -48.03368492 -44.25783448
3/31/2020 -38.14285714 -48.30337697 -44.43241105
4/1/2020 -38.03571429 -48.82177289 -43.8905068
4/2/2020 -38.14285714 -49.08876741 -43.80510887
4/3/2020 -38.21428571 -49.13447502 -43.76642677
4/4/2020 -38.21428571 -48.95009694 -43.70177168
4/5/2020 -38.39285714 -48.26226029 -43.64160106
4/6/2020 -38.53571429 -47.99916661 -43.60330012
4/7/2020 -38.67857143 -47.84086769 -43.47830531
4/8/2020 -39.17857143 -47.43966425 -43.48010021
4/9/2020 -39.53571429 -47.28223453 -43.37254016
4/10/2020 -39.92857143 -48.96189302 -45.28177244
4/11/2020 -39.53571429 -48.87624716 -45.68012446
4/12/2020 -40.96428571 -49.68626344 -45.90736497
4/13/2020 -41.42857143 -52.70927516 -45.87886111
4/14/2020 -41.35714286 -52.8307742 -46.03662352
4/15/2020 -40.92857143 -52.97675289 -46.1716344
4/16/2020 -40.53571429 -53.10793823 -46.23801993
4/17/2020 -40.25 -51.55844455 -44.34535718
4/18/2020 -40.28571429 -52.1679494 -44.00865293
4/19/2020 -38.42857143 -51.48542377 -43.85806768
4/20/2020 -37.67857143 -48.94988859 -43.80637847
4/21/2020 -37.46428571 -49.19593073 -44.50059668
4/22/2020 -37.53571429 -49.40609411 -44.54501622
4/23/2020 -37.60714286 -49.4893904 -44.56649122
4/24/2020 -37.46428571 -49.37328352 -44.93256421
4/25/2020 -36.96428571 -49.13111516 -45.12193828
4/26/2020 -36.64285714 -48.84251838 -45.28499182
4/27/2020 -36.28571429 -48.50446228 -45.4888363
4/28/2020 -35.82142857 -48.32760075 -44.91978579
4/29/2020 -35.42857143 -48.4839573 -44.79590743
4/30/2020 -34.85714286 -47.76518957 -44.22703399
5/1/2020 -33.89285714 -50.17806116 -45.20883865
5/2/2020 -33.03571429 -49.3233651 -44.7746677
5/3/2020 -32 -48.95190846 -44.28106731
5/4/2020 -31.35714286 -48.81098492 -43.69771445
5/5/2020 -30.71428571 -48.55535005 -43.13994893
5/6/2020 -30.14285714 -48.06227886 -42.75805624
5/7/2020 -29.46428571 -47.58993927 -43.00874371
5/8/2020 -29.32142857 -44.81583026 -40.82979494
5/9/2020 -28.67857143 -44.12845125 -40.12362126
5/10/2020 -27.96428571 -43.48120786 -39.31386021
5/11/2020 -28.10714286 -42.41597559 -39.09644555
5/12/2020 -28.07142857 -41.21183673 -38.79278923
5/13/2020 -27.75 -39.93620131 -38.53504796
5/14/2020 -27.75 -39.52144802 -38.0636769
5/15/2020 -27.57142857 -38.33793036 -37.95017949
5/16/2020 -27.82142857 -37.79157797 -37.65044699
5/17/2020 -28.14285714 -36.3858428 -37.49679171
5/18/2020 -27.75 -35.8077157 -37.05850012
5/19/2020 -27.42857143 -35.16918047 -36.59461115
5/20/2020 -27.10714286 -33.91451716 -35.96840254
5/21/2020 -26.5 -34.81645457 -35.61898432
5/22/2020 -25.96428571 -34.38081982 -35.24969542
5/23/2020 -25.5 -33.60252121 -35.05344842
5/24/2020 -24.85714286 -32.98677693 -35.57770413
5/25/2020 -26.25 -32.40942985 -36.51659205
5/26/2020 -25.96428571 -31.92423124 -36.76754217
5/27/2020 -25.82142857 -31.84110528 -36.97528032
5/28/2020 -25.71428571 -29.62593135 -36.87528067
5/29/2020 -25.64285714 -28.71297861 -36.6611741
5/30/2020 -25.10714286 -27.52154159 -36.28863221
5/31/2020 -24.71428571 -26.29485522 -35.13873165
6/1/2020 -22.46428571 -27.14255084 -33.68762907
6/2/2020 -22.10714286 -26.71925314 -32.80094561
6/3/2020 -21.64285714 -26.31563068 -32.17590299
6/4/2020 -21.32142857 -26.14637711 -31.55450214
6/5/2020 -21 -25.94471574 -31.01568594
6/6/2020 -20.82142857 -25.84169376 -30.50245741
6/7/2020 -20.53571429 -25.84262365 -30.1197993
6/8/2020 -20.35714286 -24.14244557 -29.55688956
6/9/2020 -20.21428571 -23.86404096 -29.35788888
6/10/2020 -20.10714286 -23.54441075 -28.90507907
6/11/2020 -19.92857143 -24.10790022 -29.09923942
6/12/2020 -19.60714286 -23.85383051 -28.904323
6/13/2020 -19.17857143 -23.78289466 -28.71869361
6/14/2020 -18.78571429 -23.45236901 -28.58210855
6/15/2020 -18.60714286 -23.01327425 -28.58650328
6/16/2020 -18.32142857 -22.53648992 -28.20468336
6/17/2020 -18.14285714 -22.29382519 -28.12453499
6/18/2020 -17.96428571 -21.1301977 -27.58433381
6/19/2020 -17.82142857 -20.80114656 -27.44000575
6/20/2020 -17.67857143 -19.92952251 -27.04524976
6/21/2020 -17.57142857 -18.83483075 -26.60776968
6/22/2020 -17.85714286 -18.71976925 -26.64459833
6/23/2020 -17.92857143 -18.39499471 -26.74791924
6/24/2020 -17.92857143 -18.37025262 -26.89028989
6/25/2020 -17.85714286 -17.87187772 -26.85249033
6/26/2020 -18.03571429 -17.54999006 -26.82905515
6/27/2020 -18.39285714 -17.74877989 -27.04006431
6/28/2020 -18.53571429 -18.0398125 -27.25875168
6/29/2020 -18.25 -17.71270009 -27.10653301
6/30/2020 -18.07142857 -17.53426171 -26.6592704
7/1/2020 -17.64285714 -17.35949169 -26.0856779
7/2/2020 -16.89285714 -17.13799499 -25.61621055
7/3/2020 -16.96428571 -17.01211335 -25.17207307
7/4/2020 -18.5 -16.83467358 -24.72173072
7/5/2020 -19.17857143 -16.41955184 -24.2273694
7/6/2020 -19.28571429 -16.43750475 -23.82045801
7/7/2020 -19.46428571 -16.46098506 -23.75554581
7/8/2020 -19.92857143 -16.2230509 -23.71870331
7/9/2020 -20.78571429 -16.3670799 -23.85425335
7/10/2020 -20.92857143 -16.3219615 -23.92927137
7/11/2020 -19.39285714 -16.20609294 -23.88962113
7/12/2020 -18.82142857 -15.69348174 -24.00513313
7/13/2020 -18.75 -15.50701726 -24.07244626
7/14/2020 -18.75 -16.18438905 -24.28773822
7/15/2020 -18.78571429 -15.94215125 -24.3019529
7/16/2020 -18.82142857 -15.73727915 -24.14905404
7/17/2020 -18.67857143 -15.68993108 -24.1215793
7/18/2020 -18.75 -15.56017565 -24.19041775
7/19/2020 -18.85714286 -15.62170081 -24.16966209
7/20/2020 -19 -15.51330495 -24.13611346
7/21/2020 -19.14285714 -14.70984976 -24.11321016
7/22/2020 -19.28571429 -14.65048775 -24.25632476
7/23/2020 -19.39285714 -15.1324844 -24.43680127
7/24/2020 -19.46428571 -15.7183525 -24.45766192
7/25/2020 -19.5 -16.02488391 -24.43700432
7/26/2020 -19.53571429 -16.29363146 -24.47543764
7/27/2020 -19.53571429 -16.46964936 -24.45629392
7/28/2020 -19.60714286 -16.55857906 -24.44014782
7/29/2020 -19.60714286 -16.66542219 -24.25774924
7/30/2020 -19.60714286 -16.18942373 -23.57011081
7/31/2020 -19.35714286 -15.6984287 -24.15434691
8/1/2020 -19.21428571 -15.47404292 -24.18406319
8/2/2020 -19.17857143 -15.26156215 -23.85361925
8/3/2020 -18.96428571 -15.2062523 -23.3045808
8/4/2020 -19 -15.08483294 -22.9987907
8/5/2020 -18.82142857 -15.03844107 -22.78147306
8/6/2020 -18.75 -15.09861819 -22.97778174
8/7/2020 -18.92857143 -15.2250386 -22.18721015
8/8/2020 -18.92857143 -15.34397973 -21.77086585
8/9/2020 -18.78571429 -15.28602936 -21.78246857
8/10/2020 -19.03571429 -15.71056252 -21.92491511
8/11/2020 -18.92857143 -16.0446827 -21.94704986
8/12/2020 -19.14285714 -16.3645059 -22.09276151
8/13/2020 -19.25 -16.72791671 -22.24445141
8/14/2020 -19.28571429 -16.9499383 -22.02313338
8/15/2020 -19.42857143 -18.17733962 -22.01521747
8/16/2020 -19.60714286 -18.36243852 -21.8618328
8/17/2020 -19.67857143 -18.00038453 -22.65844225
8/18/2020 -19.71428571 -17.84568598 -22.64331869
8/19/2020 -19.75 -17.87087766 -22.46587513
8/20/2020 -19.75 -17.77547167 -22.6978333
8/21/2020 -19.75 -17.8195476 -23.21006286
8/22/2020 -19.64285714 -16.75847862 -23.56009196
8/23/2020 -19.53571429 -16.75923963 -23.8135137
8/24/2020 -19.57142857 -16.72436677 -23.01539453
8/25/2020 -19.67857143 -16.68787758 -22.91227737
8/26/2020 -19.64285714 -16.49364579 -22.98256559
8/27/2020 -19.82142857 -16.2882415 -22.60794155
8/28/2020 -19.92857143 -15.91758242 -21.9870213
8/29/2020 -20.10714286 -15.76362953 -21.49398017
8/30/2020 -20.07142857 -15.87337636 -20.98485634
8/31/2020 -19.96428571 -15.72739548 -20.89262949
9/1/2020 -19.67857143 -15.37898491 -20.56249116
9/2/2020 -19.64285714 -15.22303043 -20.43050666
9/3/2020 -19.10714286 -15.03800464 -20.20994262
9/4/2020 -18.60714286 -14.6458471 -20.07304121
9/5/2020 -18.35714286 -14.37726403 -19.83602337
9/6/2020 -18.35714286 -14.23100901 -19.71721472
9/7/2020 -19.96428571 -14.71627488 -20.694344
9/8/2020 -20.25 -14.75822787 -20.751973
9/9/2020 -20.42857143 -14.64910974 -20.63550985
9/10/2020 -20.92857143 -14.42087649 -20.57023486
9/11/2020 -21.35714286 -14.37279152 -20.60413069
9/12/2020 -21.5 -14.27992078 -20.65494983
9/13/2020 -21.64285714 -13.86464115 -20.63959722
9/14/2020 -20 -13.03219067 -19.5429954
9/15/2020 -19.82142857 -12.75551351 -19.54520506
9/16/2020 -19.75 -12.565127 -19.88543743
9/17/2020 -19.71428571 -12.57690553 -20.04861537
9/18/2020 -19.57142857 -12.45469445 -20.3043625
9/19/2020 -19.32142857 -12.35607992 -20.53643398
9/20/2020 -19.17857143 -12.24855912 -20.86927955
9/21/2020 -19.25 -12.54243913 -21.10905903
9/22/2020 -19.39285714 -13.12178854 -21.52993804
9/23/2020 -19.35714286 -13.27342987 -21.46086779
9/24/2020 -19.35714286 -13.50348341 -21.64722449
9/25/2020 -19.42857143 -13.6841405 -21.56286366
9/26/2020 -19.57142857 -14.0034878 -21.43961316
9/27/2020 -19.64285714 -15.08451567 -21.36352444
9/28/2020 -19.71428571 -14.81229494 -21.24315133
9/29/2020 -19.78571429 -14.31226643 -20.84203974
9/30/2020 -19.67857143 -13.90297768 -20.33924205
10/1/2020 -19.25 -13.38152527 -20.04953707
10/2/2020 -18.96428571 -12.98881215 -19.80453437
10/3/2020 -18.75 -13.85269228 -19.62479002
10/4/2020 -18.64285714 -13.55282138 -19.25840829
10/5/2020 -18.35714286 -13.4997127 -18.8516213
10/6/2020 -18.10714286 -13.45573984 -18.58587333
10/7/2020 -18.14285714 -13.71235503 -18.52686039
10/8/2020 -18.35714286 -14.08522917 -18.18258292
10/9/2020 -18.53571429 -14.40656563 -18.17580251
10/10/2020 -18.82142857 -13.71659069 -18.00170238
10/11/2020 -19 -14.00216827 -17.82648443
10/12/2020 -19.53571429 -15.0762242 -19.09071886
10/13/2020 -19.71428571 -15.2873372 -19.34182906
10/14/2020 -19.57142857 -15.44199919 -19.34116689
10/15/2020 -19.53571429 -15.4119651 -19.20166392
10/16/2020 -19.64285714 -15.28365787 -18.90782998
10/17/2020 -19.46428571 -15.25809482 -18.68354586
10/18/2020 -19.39285714 -15.23290095 -18.55998697
10/19/2020 -19.10714286 -14.62932849 -17.52877899
10/20/2020 -19.07142857 -14.82996128 -17.40388987
10/21/2020 -19.21428571 -14.99240594 -17.42407552
10/22/2020 -19.28571429 -15.16558741 -17.52085545
10/23/2020 -19.25 -15.57692235 -17.5673256
10/24/2020 -19.42857143 -15.63479668 -17.62661783
10/25/2020 -19.71428571 -15.81018662 -17.69478025
10/26/2020 -19.78571429 -15.92284299 -17.45785631
10/27/2020 -19.82142857 -16.01598129 -17.09967671
10/28/2020 -19.89285714 -15.93814003 -16.8034006
10/29/2020 -20.14285714 -15.70390054 -16.91403381
10/30/2020 -19.96428571 -16.02028859 -16.90398654
10/31/2020 -19.75 -16.87327913 -16.90407421
11/1/2020 -19.85714286 -17.96206993 -17.00977179
11/2/2020 -19.75 -18.54932042 -18.24286892
11/3/2020 -19.46428571 -19.3864057 -18.21553694
11/4/2020 -19.71428571 -19.98389882 -18.2543625
11/5/2020 -19.71428571 -21.06134459 -17.99983645
11/6/2020 -20.07142857 -21.65557945 -17.74747294
11/7/2020 -20.5 -22.34855385 -17.53511449
11/8/2020 -20.42857143 -23.30697735 -17.12124977
11/9/2020 -20.60714286 -23.53211903 -15.66498773
11/10/2020 -21 -23.38093167 -15.64835064
11/11/2020 -21.21428571 -24.56350262 -15.64929382
11/12/2020 -21.5 -24.62603808 -15.96545413
11/13/2020 -21.60714286 -24.47190536 -15.92649309
11/14/2020 -21.75 -24.33302581 -15.819116
11/15/2020 -21.96428571 -24.55727854 -14.95683689
11/16/2020 -22 -24.653428 -15.20353712
11/17/2020 -22.17857143 -24.88712651 -15.29968572
11/18/2020 -22 -24.27823427 -15.34441607
11/19/2020 -21.78571429 -24.41453763 -15.11632628
11/20/2020 -21.71428571 -24.52577578 -15.34093508
11/21/2020 -21.60714286 -24.53245092 -15.46569772
11/22/2020 -21.53571429 -24.55102229 -16.37168949
11/23/2020 -21.32142857 -24.94670637 -16.37998621
11/24/2020 -20.57142857 -24.89887873 -16.47099925
11/25/2020 -18.96428571 -24.76644843 -16.31798431
11/26/2020 -24.28571429 -24.58033777 -16.04376603
11/27/2020 -26.5 -24.35528163 -15.65233406
11/28/2020 -27.60714286 -23.96652928 -15.40929119
11/29/2020 -27.92857143 -23.49866146 -14.90135172
11/30/2020 -28.5 -22.49741431 -14.35408183
12/1/2020 -29.10714286 -22.08726146 -13.71484601
12/2/2020 -30.78571429 -21.68555799 -13.33588996
12/3/2020 -25.46428571 -21.33665031 -13.10152532
12/4/2020 -23.46428571 -21.04817488 -12.89493167
12/5/2020 -22.64285714 -20.7348499 -12.73722262
12/6/2020 -22.5 -20.27288013 -12.90147438
12/7/2020 -22.39285714 -20.45250864 -12.91706053
12/8/2020 -22.67857143 -21.44320322 -13.59695318
12/9/2020 -22.71428571 -21.36109487 -14.06795312
12/10/2020 -22.82142857 -21.20610902 -14.04567631
12/11/2020 -22.89285714 -21.10562668 -14.11551061
12/12/2020 -22.85714286 -20.92667584 -14.19248673
12/13/2020 -22.89285714 -20.69786726 -14.08023777
12/14/2020 -22.85714286 -20.20098296 -13.83444296
12/15/2020 -22.5 -18.58435484 -12.96937795
12/16/2020 -22.60714286 -18.7246124 -12.19635338
12/17/2020 -23.17857143 -18.86705651 -11.84103141
12/18/2020 -23 -19.06429726 -11.44485024
12/19/2020 -22.57142857 -19.20799949 -10.93322915
12/20/2020 -22 -18.82537985 -10.10182262
12/21/2020 -21.10714286 -19.05438873 -9.446177702
12/22/2020 -20.25 -19.3002101 -8.859520229
12/23/2020 -18.21428571 -18.5574072 -7.747810087
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10/19/2021 -10.32142857 -6.618338022 1.906394406
10/20/2021 -10.28571429 -6.536771371 1.863381336
10/21/2021 -10.35714286 -6.658122745 2.035827593
10/22/2021 -10.39285714 -6.8294671 1.955601949
10/23/2021 -10.5 -6.734625473 1.769457304
10/24/2021 -10.85714286 -6.42263245 1.640328348
10/25/2021 -11.03571429 -6.444674073 2.26947948
10/26/2021 -11.17857143 -6.323579295 2.472609807
10/27/2021 -11.14285714 -6.166749762 2.833842811
10/28/2021 -11.10714286 -5.769696442 3.124159379
10/29/2021 -11.17857143 -5.487872758 3.751661146
10/30/2021 -11.14285714 -5.273146957 4.451494477
10/31/2021 -10.82142857 -4.76837472 5.377843075
11/1/2021 -10.60714286 -7.230463656 4.820583445
11/2/2021 -10.57142857 -6.952427495 3.562590958
11/3/2021 -10.60714286 -7.487199469 4.107340712
11/4/2021 -10.71428571 -7.731445444 4.205543389
11/5/2021 -10.78571429 -7.881046442 4.269004768
11/6/2021 -11 -8.167802461 4.336533424
11/7/2021 -11.14285714 -9.152588032 4.148993403
11/8/2021 -11.17857143 -6.628984174 5.213846692
11/9/2021 -11.07142857 -7.013563738 6.74050957
11/10/2021 -10.96428571 -6.380622438 6.658407254
11/11/2021 -11.32142857 -7.058254478 6.828072115
11/12/2021 -11.5 -7.157096363 6.771719982
11/13/2021 -11.46428571 -7.31371097 6.649389804
11/14/2021 -11.60714286 -7.744279603 6.946873484
11/15/2021 -11.60714286 -7.776803625 5.273340587
11/16/2021 -11.53571429 -7.674430811 5.570477068
11/17/2021 -11.53571429 -7.978390423 5.69992065
11/18/2021 -11.07142857 -7.222595459 5.689742755
11/19/2021 -10.75 -6.990883185 5.758053126
11/20/2021 -10.39285714 -6.772676897 5.645596959
11/21/2021 -10.10714286 -6.792856558 5.572998586
11/22/2021 -9.821428571 -6.906170134 6.983057631
11/23/2021 -9.071428571 -7.324042044 6.758282166
11/24/2021 -7.464285714 -7.244975554 6.685885113
11/25/2021 -13.71428571 -7.283378609 6.840068816
11/26/2021 -16.39285714 -7.23036131 7.03902237
11/27/2021 -17.67857143 -7.470027312 7.278272395
11/28/2021 -18.03571429 -7.274590763 7.253828882
11/29/2021 -18.35714286 -7.059454117 7.886889978
11/30/2021 -19.14285714 -6.457404424 8.369868605
12/1/2021 -20.67857143 -6.350288615 8.999063743
12/2/2021 -14.5 -6.300800051 9.502353463
12/3/2021 -11.85714286 -6.398345069 9.907892348
12/4/2021 -10.75 -6.242313102 10.3572229
12/5/2021 -10.64285714 -5.898382352 10.92920034
12/6/2021 -10.78571429 -6.413895777 10.94883782
12/7/2021 -10.89285714 -6.536766254 11.25155165
12/8/2021 -11.10714286 -7.836592559 10.53086113
12/9/2021 -11.14285714 -7.738350859 10.64633917
12/10/2021 -11.32142857 -7.699676587 10.71964823
12/11/2021 -11.46428571 -7.491342279 11.03302991
12/12/2021 -11.28571429 -7.309438765 11.3807312
12/13/2021 -11 -6.54465565 11.73330226
12/14/2021 -10.75 -6.302326465 11.78722782
12/15/2021 -10.32142857 -4.541897432 12.94204909
12/16/2021 -9.857142857 -4.227053348 13.17205921
12/17/2021 -9.464285714 -4.056443689 13.05093452
12/18/2021 -9.178571429 -3.999067922 13.20843948
12/19/2021 -8.892857143 -3.582206312 13.69269394
12/20/2021 -8.607142857 -3.272312839 14.13911697
12/21/2021 -8.25 -2.903300797 14.65499903
12/22/2021 -7.821428571 -2.649409465 15.10831959
12/23/2021 -7.142857143 -2.168064905 16.06781452
12/24/2021 -9.428571429 -4.324016457 15.76379991
12/25/2021 -17.35714286 -11.27495921 10.07359146
12/26/2021 -18.85714286 -14.4421454 8.52933374
12/27/2021 -20.42857143 -16.52756098 7.297881468
12/28/2021 -22 -18.41302291 6.251438343
12/29/2021 -23.78571429 -20.3350815 5.16615407
12/30/2021 -25.53571429 -22.02503304 4.203673648
12/31/2021 -25.5 -23.09341756 3.49391537
1/1/2022 -22.53571429 -23.91799619 2.4530884
1/2/2022 -22.85714286 -22.82680246 2.121706469
1/3/2022 -22.89285714 -23.15151633 1.934387864
1/4/2022 -22.71428571 -23.24122312 1.567597957
1/5/2022 -22.75 -23.01788638 1.062919444
1/6/2022 -23.42857143 -25.05259403 -0.354115788
1/7/2022 -23.35714286 -23.65207923 -0.604317108
1/8/2022 -20 -17.53901567 4.511127666
1/9/2022 -20.21428571 -17.86478297 4.268079946
1/10/2022 -20.10714286 -17.41036923 3.905201042
1/11/2022 -20.5 -17.13269055 3.31183523
1/12/2022 -20.53571429 -17.17661078 2.626347905
1/13/2022 -20.21428571 -15.40508673 2.323142386
1/14/2022 -19.32142857 -14.90451579 2.247203357
1/15/2022 -19.42857143 -14.59157534 2.187881675
1/16/2022 -20.03571429 -14.58034581 2.229582184
1/17/2022 -21.5 -14.31786694 2.299443166
1/18/2022 -21.42857143 -14.24524604 2.367728243
1/19/2022 -21.42857143 -14.25827173 2.551296622
1/20/2022 -21.82142857 -14.25394324 2.693168997
1/21/2022 -22.17857143 -14.24764605 2.826967803
1/22/2022 -22.21428571 -14.30660744 2.908450914
1/23/2022 -21.42857143 -14.31376141 3.033758264
1/24/2022 -20.03571429 -14.21825965 3.207223246
1/25/2022 -19.96428571 -14.18003497 3.516657542
1/26/2022 -20 -14.23638216 3.677247432
1/27/2022 -19.5 -14.22524037 3.947306269
1/28/2022 -18.92857143 -14.0484344 4.254305673
1/29/2022 -19.5 -13.91248852 4.698581754
1/30/2022 -19.35714286 -13.47066697 5.148421669
1/31/2022 -18.92857143 -13.30005731 5.518365466
2/1/2022 -18.10714286 -13.13787802 5.030951572
2/2/2022 -18.10714286 -12.84458065 5.256261695
2/3/2022 -19.32142857 -12.52400081 5.490932307
2/4/2022 -20.42857143 -12.51263751 5.658173363
2/5/2022 -19.21428571 -12.32031958 5.807580147
2/6/2022 -18.67857143 -12.67351262 5.865993292
2/7/2022 -18.57142857 -12.53364471 5.761173405
2/8/2022 -18.82142857 -12.42344244 6.704041983
2/9/2022 -18.14285714 -12.19840165 6.83044914
2/10/2022 -16.42857143 -12.27320032 7.033637334
2/11/2022 -14.78571429 -12.49866 7.152446673
2/12/2022 -14.07142857 -12.19637301 7.106024685
2/13/2022 -13.85714286 -11.29639553 7.144381073
2/14/2022 -13.14285714 -10.82156235 7.91408682

Note: Mobility is a simple average of Google's grocery, workplace, retail, recreation, and transportation mobility. Series are smoothed using a 7−day moving average and aggregates are weighted by population. Aggregates are constructed using Federal Reserve Board country classifications. AFE comprise of Canada, France, Germany, Italy, Japan, Spain, and the United Kingdom. EME comprise of Argentina, Brazil, Chile, Colombia, Hong Kong, Korea, Indonesia, Malaysia, Philippines, Singapore, Taiwan and Thailand. Series end on March 26, 2022.

Source: Google Community Mobility Reports.

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Figure 2: Real Consumption and Industrial Production during the Pandemic

2019 Q4 - 100

Date U.S. Industrial Production U.S. Total Consumption U.S. Goods Consumption AFE Industrial Production AFE Total Consumption AFE Goods Consumption
3/31/2019 101.2454933 96.59954005 96.52043693 103.2976626 100.5825029 101.5276365
6/29/2019 100.6882989 98.10152929 98.64781536 102.7716892 100.8538187 102.0047231
9/29/2019 100.6555228 99.15107923 99.38116631 101.8747174 101.16396 102.3241887
12/30/2019 100 100 100 100 100 100
3/30/2020 98.26286463 98.53417861 99.78197674 97.32842213 97.6139138 98.55828703
6/29/2020 85.61127499 88.64329632 95.795895 80.8143444 85.75461912 92.81948162
9/29/2020 93.87086201 97.5426337 107.1881607 92.58342187 95.89029071 101.9811809
12/30/2020 95.73910193 98.72866609 107.1903629 96.30470282 94.62631034 101.6512993
3/31/2021 96.68960996 102.3986788 115.5082805 97.35823213 92.80846369 99.94338003
6/29/2021 98.19731236 107.0138325 121.780303 97.53935802 95.44510289 101.6816118
9/29/2021 99.01671583 108.9464238 121.1262333 96.37520872 98.16658429 100.7963446
12/30/2021 100.0655523 111.5593801 124.4097956 97.0692199 NA NA
3/2/2022 101.7699115 NA NA NA NA NA

Note: All series end in 2021 Q4. Industrial production data are aggregated to the quarterly frequency by taking the respective average of the monthly values. Aggregates are constructed using real GDP weights. Total industrial production excluding construction series are used when possible, but some series use manufacturing industrial production instead due to data availability. The Advanced Foreign Economies aggregate comprise of Canada, France, Germany, Italy, Japan, and the United Kingdom.

Source: Bureau of Economic Analysis; OECD National Quarterly Accounts; Haver Analytics.

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Figure 3: Estimated Pandemic Fiscal Support for Selected Countries

Deviation from Projected Spending (%)

Country Deviation from Projected Spending (%) Board Classification
Australia 6.735538524 Advanced Economy
Brazil 10.06627816 Emerging Market Economy
Canada 17.88555201 Advanced Economy
Chile 5.729488444 Emerging Market Economy
China -0.585004818 Emerging Market Economy
France 3.4224715 Advanced Economy
Germany 5.34731324 Advanced Economy
India 1.076354067 Emerging Market Economy
Italy 7.425578382 Advanced Economy
Japan 15.17964335 Advanced Economy
Korea 4.532286768 Emerging Market Economy
Sweden 2.205855476 Advanced Economy
Taiwan 7.936809769 Emerging Market Economy
U.K. 17.05861942 Advanced Economy
U.S. 18.68633648 Advanced Economy

Note: Deviation from projected spending is constructed by calculating the percent change between each government's fiscal spending in 2020 against a 2020 projected value. The projected value is calculated by taking the average fiscal spending growth rate between 2015−2019 and forecasting out a year. Federal Reserve Board country classifications are used to group countries into Advanced Economy and Emerging Market Economy categories.

Source: IMF World Economic Outlook January 2022; staff calculations.

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Figure 4: Change in the Growth Rate of Goods Consumption in response to mobility changes

10% Increase/Decrease in Mobility
Change in Growth (Ppt.)

Country/Regional Group Mobility Type Response without Fiscal Support Consumption Contribution Value
U.S. Upward Fiscal Support Contribution 1.697237074
U.S. Upward Response without Fiscal Support 2.0858
U.S. Downward Fiscal Support Contribution 1.131491382
U.S. Downward Response without Fiscal Support -3.0428
AFE Upward Fiscal Support Contribution 0.923825719
AFE Upward Response without Fiscal Support 2.0858
AFE Downward Fiscal Support Contribution 0.615883813
AFE Downward Response without Fiscal Support -3.0428
EME Upward Fiscal Support Contribution 0.198174725
EME Upward Response without Fiscal Support 2.0858
EME Downward Fiscal Support Contribution 0.132116483
EME Downward Response without Fiscal Support -3.0428

Note: Aggregates are constructed using real GDP weights. The AFE aggregate comprise of 19 countries and the EME aggregate comprise of 24 countries. Countries are classified using Federal Reserve Board country classifications.

Source: Staff calculations.

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Figure 5: Fiscal Stimulus and Excess Inflation

5.1 Impact of Domestic and Foreign fiscal stimulus on inflation in selected countries
Excess Inflation (Ppt.)

Country/Region Exposure Type Inflation Contribution
U.S. Domestic Effect 2.517229743
U.S. Foreign Exposure 0.548347567
Canada Domestic Effect 2.409356353
Canada Foreign Exposure 2.260255718
United Kingdom Domestic Effect 1.590076087
United Kingdom Foreign Exposure 2.297960557
Euro area Domestic Effect 1.78476213
Euro area Foreign Exposure 0.781014251
EMEs Domestic Effect 1.349587723
EMEs Foreign Exposure 0.293620593

Note: Aggregates are constructed using real GDP weights. The Euro area comprise of France, Germany, italy and Spain. EMEs comprise of 32 countries using Federal Reserve Board country classifications.

Source: Staff calculations.

5.2: Impact of U.S. Fiscal stimulus on inflation in the U.S. and abroad
Excess Inflation (Ppt.)

Country/Region Exposure Type Inflation Contribution
Canada U.S. Exposure 1.678252138
U.S. Domestic Effect 2.517229743
United Kingdom U.S. Exposure 0.467636202
EMEs U.S. Exposure 0.463490394
Euro area U.S. Exposure 0.348064429

Note: Aggregates are constructed using real GDP weights. The Euro area comprise of France, Germany, italy and Spain. EMEs comprise of 32 countries using Federal Reserve Board country classifications.

Source: Staff calculations.

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Last Update: July 15, 2022