Lazard Chief Executive Officer Peter Orszag Authors Oped in The Washington Post

On November 14, The Washington Post published an oped authored by Lazard Chief Executive Officer Peter Orszag, "The real story of inflation."

In the piece, Peter argues that while the American Rescue Plan, a $2 trillion stimulus package enacted in March 2021, is often blamed for unleashing inflation by increasing demand, evidence suggests its impact on inflation was modest. He details how the pandemic itself, causing unprecedented supply-side shocks, played a central role, with supply-chain issues directly accounting for the majority of the inflation rise in 2021 and 2022. And analysis across countries and states indicates no direct correlation between the level of COVID relief provided and the rate of inflation, challenging the narrative that fiscal excess solely triggered inflation spikes. Click here to read the full opinion. 

Peter's sentiment and insights are a reflection of his recently coauthored blog series with Lazard Vice President William E. Murdock III and Robin Brooks, Senior Fellow at the Brookings Institution. This in-depth, three-part analysis details the inflation surge following the COVID-19 pandemic, its supply-linked factors, and potential for more disinflation ahead as companies continue to adjust their pricing behavior after the unprecedented supply shock.