1 Macroeconomists such as Emeritus Professor Olivier Blanchard and Professor Lawrence H. Summers have  warned since relatively early on about the risk of persistent high inflation, arguing that aggregate demand expanded by massive U.S. fiscal spending and its multiplier effect is highly likely to go well beyond the potential supply capacity.
In contrast, scholars such as Professor Paul Krugman and authorities such as the Federal Reserve and the International Monetary Fund have argued that supply-side constraints and shifts in demand are to a large extent transitory factors brought about by the pandemic, and that the increase in inflation is likely to moderate relatively quickly.