Lots of papers on the subject
The highest estimate — that roughly half or about four percentage points of the recent increase in annual inflation can be attributed to the rescue plan — comes from Francesco Bianchi of Johns Hopkins University, who presented findings from
a paper he co-authored at the Federal Reserve’s annual conference in Jackson Hole, Wyo.
Four economists at the Federal Reserve Bank of San Francisco in March, after comparing the U.S. experience to that of other advanced economies, said the combined effects of all fiscal measures in 2020 and 2021 had pushed inflation higher, with the effect peaking late last year after the rescue plan took hold at about three percentage points. And Laurence Ball of Johns Hopkins, along with Daniel Leigh and Prachi Mishra of the International Monetary Fund, arrived at a similar figure for the rescue plan alone
in a paper presented at a Brookings Institution conference in early September.