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Did expansionary fiscal and monetary policies cause the inflation surge?

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Analysis using a New Keynesian DSGE model shows fiscal and monetary policies influenced inflation in the US and euro area.

Inflation changes are largely due to the interaction of monetary and fiscal policies, and their effects differ by region.
The model indicates that policy changes account for over 25% of US inflation and nearly half for the euro area by end-2021.
Flatter Phillips curves suggest that fiscal and monetary policy changes had limited impact, while steeper curves increased their influence significantly.
Modifying monetary policy alone could improve welfare; however, combined with fiscal stimulus, it may lead to welfare loss in the US.

Hodge et al. (2025) studied this question.

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