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r hide from wikipedia the free encyclopedia type of inflation where aggregate demand increases faster than aggregate supply aggregate demand increasing faster than production part of a series on macroeconomics basic concepts output and measurement growth business cycle financial crisis recession depression national accounts sna gdp gni nni output gap unemployment money and prices exchange rate inflation cost push deflation demand pull disinflation price level shrinkflation stagflation interest rate liquidity trap money creation demand liquidity preference endogenous supply dynamics and theory aggregate demand effective demand aggregate supply balance of payments expectations adaptive rational government debt investment saving microfoundations nominal rigidity shocks demand supply policies fiscal austerity government spending welfare spending stimulus tax policy monetary central bank inflation targeting open market operation quantitative easing commercial capital control free trade protectionism tariff models accelerator ad as arrow debreu endogenous growth general equilibrium dsge harrod domar is lm keynesian cross matching multiplier mundell fleming nairu overlapping generations overshooting phillips curve quantity theory of money ramsey cass koopmans solow swan taylor rule schools mainstream keynesian new monetarism new classical rbc new neoclassical synthesis saltwater and freshwater stockholm heterodox austrian chartalism mmt disequilibrium ecological market monetarism marxian post keynesian circuitism structuralist supply side people barro bernanke blanchard diamond domar fisher frisch friedman hansen harrod hayek hicks kaldor kalecki keynes klein krugman kuznets kydland lerner lucas malthus mankiw marx minsky mitchell modigliani mundell myrdal nordhaus okun phelps prescott quesnay ramsey ricardo robinson romer samuelson sargent smith solow stiglitz stone taylor tinbergen tobin walras wicksell related fields development economics econometrics economic statistics evolutionary economics international economics monetary economics public finance see also economics applied macroeconomic model mathematical economics microeconomics political economy publications in macroeconomics economics portal business portal v t e demand pull inflation occurs when aggregate demand in an economy is more than aggregate supply it involves inflation rising as real gross domestic product rises and unemployment falls as the economy moves along the phillips curve this is commonly described as too much money chasing too few goods 1 more accurately it should be described as involving too much money spent chasing too few goods since only money that is spent on goods and services can cause inflation this would not be expected to happen unless the economy is already at a full employment level it is the opposite of cost push inflation how it occurs edit in keynesian theory increased employment results in increased aggregate demand ad which leads to further hiring by firms to increase output due to capacity constraints this increase in output will eventually become so small that the price of the good will rise at first unemployment will go down shifting ad1 to ad2 which increases demand noted as y by y2 y1 this increase in demand means more workers are needed and then ad will be shifted from ad2 to ad3 but this time much less is produced than in the previous shift but the price level has risen from p2 to p3 a much higher increase in price than in the previous shift this increase in price is what causes inflation in an overheating economy demand pull inflation is in contrast with cost push inflation when price and wage increases are being transmitted from one sector to another however these can be considered as different aspects of an overall inflationary process demand pull inflation explains how price inflation starts and cost push inflation demonstrates why inflation once begun is so difficult to stop 2 causes of demand pull inflation edit there is a quick increase in consumption and investment along with extremely confident firms there is a sudden increase in exports due to huge under valuation of the currency there is a lot of government spending the expectation that inflation will rise often leads to a rise in inflation workers and firms will increase their prices to catch up to inflation there is excessive monetary growth when there is too much money in the system chasing too few goods the price of a good will thus increase there is a rise in population 3 see also edit built in inflation cost push inflation demand shock triangle model demand pull theory notes edit barth j r bennett j t 1975 cost push versus demand pull inflation some empirical evidence journal of money credit banking 7 3 ohio state university press 391 doi 10 2307 1991632 jstor 1991632 http oxfordindex oup com view 10 1093 oi authority 20110803095709229 oxfordindex a dictionary of economics agarwal prateek february 2 2022 causes of inflation demand pull inflation intelligent economist retrieved 2022 09 24 external links edit theory 1 demand pull inflation is inflation demanding archived 2015 02 23 at the wayback machine bank of biz ed v t e macroeconomics basic concepts output and measurement growth business cycle financial crisis recession depression national accounts sna gdp gni nni output gap unemployment money and prices exchange rate inflation cost push deflation demand pull disinflation price level shrinkflation stagflation interest rate liquidity trap money creation demand liquidity preference endogenous supply dynamics and theory aggregate demand effective demand aggregate supply balance of payments expectations adaptive rational government debt investment saving microfoundations nominal rigidity shocks demand supply policies fiscal austerity government spending welfare spending stimulus tax policy monetary central bank inflation targeting open market operation quantitative easing commercial capital control free trade protectionism tariff models accelerator ad as arrow debreu endogenous growth general equilibrium dsge harrod domar is lm keynesian cross matching multiplier mundell fleming nairu overlapping generations overshooting phillips curve quantity theory of money ramsey cass koopmans solow swan taylor rule related fields development economics econometrics economic statistics evolutionary economics international economics monetary economics public finance schools mainstream keynesian new monetarism new classical rbc new neoclassical synthesis saltwater and freshwater stockholm heterodox austrian chartalism mmt disequilibrium ecological market monetarism marxian post keynesian circuitism structuralist supply side notable macroeconomists barro bernanke blanchard diamond domar fisher frisch friedman hansen harrod hayek hicks kaldor kalecki keynes klein krugman kuznets kydland lerner lucas malthus mankiw marx minsky mitchell modigliani mundell myrdal nordhaus okun phelps prescott quesnay ramsey ricardo robinson romer samuelson sargent smith solow stiglitz stone taylor tinbergen tobin walras wicksell see also economics applied macroeconomic model mathematical economics microeconomics political economy publications in macroeconomics category v t e economic history of the united states and commonwealth of nations countries commercial revolution 1000 1760 great bullion famine c 1400 c 1500 great slump 1430 1490 the great debasement 1544 1551 financial revolution 1690 1800 slump of 1706 great frost of 1709 south sea bubble 1713 1720 mississippi bubble 1717 1720 economic impact of the seven years war 1754 1763 1st industrial revolution market revolution 1760 1870 industrial revolution scotland united states wales bengal bubble of 1769 1769 1784 british credit crisis of 1772 1773 american revolutionary war inflation 1775 1783 panic of 1785 1785 1788 copper panic of 1789 panic of 1792 1789 1793 canal mania c 1790 c 1810 panic of 1796 1797 1796 1799 1802 1804 recession carolina gold rush 1802 1825 depression of 1807 1807 1810 1810s alabama real estate bubble alabama fever 1812 recession post napoleonic depression 1815 1821 1822 23 recession panic of 1825 panic of 1826 1828 29 recession georgia gold rush 1828 c 1840 1830s chicago real estate bubble 1833 34 recession panic of 1837 1836 1838 and 1839 1843 u s state defaults in the 1840s railway mania c 1840 c 1850 plank road boom 1844 c 1855 1845 46 recession panic of 1847 1847 1848 california gold rush 1848 1855 british columbia gold rushes queen charlottes gold rush 1851 fraser canyon gold rush 1858 rock creek gold rush 1859 similkameen gold rush 1860 stikine gold rush 1861 cariboo gold rush 1861 1867 wild horse creek gold rush 1863 1870 leechtown gold rush 1864 1865 big bend gold rush c 1865 omineca gold rush 1869 victorian gold rush 1851 c 1870 new south wales gold rush 1851 1880 australian gold rushes 1851 1914 1853 54 recession panic of 1857 1857 1858 pike s peak gold rush 1858 1861 pennsylvania oil rush 1859 1891 1860 61 recession colorado river mining boom 1861 1864 otago gold rush 1861 1864 u s civil war economy 1861 1865 first nova scotia gold rush 1861 1874 west coast gold rush 1864 1867 panic of 1866 1865 1867 vermilion lake gold rush 1865 1867 kildonan gold rush 1869 black friday 1869 1870 gilded age 2nd industrial revolution 1870 1914 coromandel gold rushes c 1870 c 1890 cassiar gold rush c 1870 c 1890 long depression 1873 1879 panic of 1873 black hills gold rush 1874 1880 colorado silver boom 1879 1893 western australian gold rushes c 1880 c 1900 indiana gas boom c 1880 1903 ohio oil rush c 1880 c 1930 depression of 1882 1885 panic of 1884 cayoosh gold rush 1884 witwatersrand gold rush 1886 1887 88 recession baring crisis 1890 1891 cripple creek gold rush c 1890 c 1910 panic of 1893 1893 1897 australian banking crisis of 1893 black monday 1894 panic of 1896 klondike gold rush 1896 1899 second nova scotia gold rush 1896 1903 kobuk river stampede 1897 1899 mount baker gold rush 1897 c 1925 1899 1900 recession nome gold rush 1899 1909 fairbanks gold rush c 1900 c 1930 texas oil boom 1901 c 1950 panic of 1901 1902 1904 cobalt silver rush 1903 c 1930 panic of 1907 1907 1908 porcupine gold rush 1909 c 1960 panic of 1910 11 1910 1912 financial crisis of 1914 1913 14 world war home fronts interwar period 1914 1945 world war i economy and home fronts australia canada united kingdom united states post world war i recession 1918 1919 recession of 1920 1921 1920s florida land boom c 1920 1925 roaring twenties 1923 1924 recession 1926 1927 recession great depression 1929 1939 wall street crash of 1929 panic of 1930 great contraction 1929 1933 recession of 1937 1938 australia canada india south africa united kingdom united states 1930s kakamega gold rush third nova scotia gold rush 1932 1942 world war ii home front australia canada united kingdom united states post wwii expansion 1970s stagflation 1945 1982 great compression 1945 recession recession of 1949 1948 1949 hong kong and singapore asian tiger expansions 1950 1990 1951 canada recession recession of 1953 1953 1954 recession of 1958 1957 1958 recession of 1960 1961 kennedy slide of 1962 poseidon bubble 1969 1970 recession of 1969 1970 1970s commodities boom 1973 1975 recession 1973 1974 stock market crash secondary banking crisis of 1973 1975 1970s energy crisis 1973 1980 1973 oil crisis 1979 oil crisis steel crisis 1973 1982 1976 sterling crisis silver thursday 1980 early 1980s recession 1980 1982 united states computer age second gilded age 1982 present great moderation 1982 2007 1980s oil glut black saturday 1983 new zealand property bubble c 1985 savings and loan crisis 1986 1995 black monday 1987 friday the 13th mini crash 1989 early 1990s recession 1990 1991 australia united states 1990 oil price shock rhode island banking crisis 1990 1992 1991 indian economic crisis 1990s united states boom 1991 2001 1990s india economic boom hyperinflation in zimbabwe 1991 present black wednesday 1992 1994 bond market crisis 1994 papua new guinea financial crisis dot com bubble 1995 2004 stock market downturn of 2002 1997 asian financial crisis october 27 1997 mini crash early 2000s recession 2001 9 11 stock market crash 2000s commodities boom 2000 2014 united states housing bubble 2002 2006 canadian property bubble 2002 2003 myanmar banking crisis 2000s energy crisis 2003 2008 north dakota oil boom 2006 2015 uranium bubble of 2007 great recession 2007 2009 australia and new zealand bangladesh india malaysia pakistan and sri lanka british west indies canada south africa united kingdom united states 2008 financial crisis september october november december 2009 subprime mortgage crisis 2000s u s housing market correction u s bear market of 2007 2009 2007 2010 u s bank failures corporate debt bubble 2008 blue monday crash 2009 2010 flash crash malaysia tiger cub expansion 2010s australian property bubble 2010 august 2011 stock markets fall black monday 2011 bangladesh share market scam cryptocurrency bubble 2011 puerto rican government debt crisis 2014 2022 2015 2016 stock market selloff brexit stock market crash 2016 2017 sri lankan fuel crisis ghana banking crisis 2017 2018 sri lankan economic crisis 2019 2024 covid 19 recession 2020 2022 2020 stock market crash financial market impact sectoral impacts shortages canada india malaysia new zealand united kingdom united states 2020s commodities boom global energy crisis 2021 2023 2021 united kingdom natural gas supplier crisis regional effects 2021 2023 global supply chain crisis 2021 2023 inflation surge pakistani economic crisis 2021 2024 2022 stock market decline 2022 2023 global food crises 2023 united kingdom recession 2023 united states banking crisis 2025 stock market crash countries and sectors australia rail transport slavery whaling western australia canada agriculture currencies early banking system list of recessions petroleum industry rail transport slavery technological and industrial whaling pacific northwest ghana india agriculture company rule maritime british raj deindustrialisation salt tax slavery malaysia new zealand whaling nigeria slavery pakistan maritime rail transport south africa slavery whaling uganda united kingdom agricultural revolution atlantic slave trade banking british empire english fiscal system interwar unemployment and poverty list of recessions maritime england scotland middle ages england agriculture national debt scotland agriculture middle ages rail transport pre 1830 1830 1922 1923 1947 1948 1994 1995 present slavery trade unions victorian era wales whaling scotland united states agriculture banking colonial era credit cooperatives investment banking wildcat banking business central banking coal mining indentured servitude iron and steel industry labor list of economic expansions list of recessions lumber industry maritime colonial era 1776 1799 1800 1899 1900 1999 2000 present monetary policy poverty petroleum industry oil shale public debt rail transportation slavery colonial er...