{
    "name": [
        {
            "role": "creator",
            "namePart": [
                "Hornstein, Andreas"
            ],
            "recordInfo": {
                "recordIdentifier": [
                    "4230"
                ]
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        }
    ],
    "genre": [
        "article"
    ],
    "abstract": [
        "Following the onset of the COVID pandemic in 2020, inflation accelerated in 2021-22 and peaked at roughly 7 percent in mid-2022. This was an inflation rate not seen since the early 1980s. Among the many accounts of this increase that have been introduced, one attributes the increase to firms being greedy and exploiting supply chain disruptions to raise their prices excessively. In this article, I first argue that a frequent piece of evidence in support of \"greedflation\" \u2014 the increased share of gross operating surplus in the nonfinancial corporate business (NFCB) sector \u2014 is not that informative about profits. I then construct an alternative measure of profits \u2014 the price-cost markup \u2014 using standard measures and show that its contribution to inflation in the NFCB sector was rather small."
    ],
    "language": [
        "eng"
    ],
    "titleInfo": [
        {
            "title": "Profits and Inflation in the Time of COVID",
            "titlePartNumber": "No. 23-38"
        }
    ],
    "originInfo": {
        "issuance": "multipart",
        "sortDate": "2023-11-03",
        "dateIssued": "November 2023"
    },
    "recordInfo": {
        "recordIdentifier": [
            "656409"
        ],
        "recordUpdatedDate": "2026-07-03 10:20:22",
        "recordCreationDate": "2023-12-07 14:56:22",
        "recordContentSource": "frs",
        "recordType": "item"
    },
    "typeOfResource": "text",
    "accessCondition": "http:\/\/rightsstatements.org\/vocab\/InC\/1.0\/",
    "physicalDescription": {
        "form": "electronic",
        "extent": "2 files",
        "digitalOrigin": "born digital",
        "internetMediaType": [
            "application\/pdf"
        ]
    },
    "location": {
        "url": [
            "https:\/\/fraser.stlouisfed.org\/title\/economic-brief-6034\/profits-inflation-time-covid-656409"
        ],
        "apiUrl": [
            "https:\/\/fraser.stlouisfed.org\/api\/item\/656409"
        ],
        "pdfUrl": [
            "https:\/\/fraser.stlouisfed.org\/docs\/historical\/frbrich\/econbrief\/frbrich_eb_23-38.pdf",
            "https:\/\/fraser.stlouisfed.org\/docs\/historical\/frbrich\/econbrief\/frbrich_eb_23-38.pdf"
        ],
        "textUrl": [
            "https:\/\/fraser.stlouisfed.org\/files\/text\/historical\/frbrich\/econbrief\/frbrich_eb_23-38.txt",
            "https:\/\/fraser.stlouisfed.org\/files\/text\/historical\/frbrich\/econbrief\/frbrich_eb_23-38.txt"
        ]
    },
    "relatedItem": [
        {
            "@type": "parent",
            "recordInfo": {
                "recordIdentifier": [
                    "6034"
                ]
            },
            "titleInfo": [
                {
                    "title": "Economic Brief "
                }
            ],
            "name": [
                {
                    "role": "contributor",
                    "namePart": [
                        "Federal Reserve Bank of Richmond"
                    ],
                    "recordInfo": {
                        "recordIdentifier": [
                            "521"
                        ]
                    }
                }
            ]
        }
    ]
}