People shop at the Citadel Outlet mall, as the global outbreak of the coronavirus disease (COVID-19) continues, in Commerce, California, U.S.
Image Source: 
REUTERS/Lucy Nicholson
Featured

The US economy grew faster than expected in 2021, but the pandemic transformed its composition

Jason Furman (PIIE) and Wilson Powell III (PIIE)

The US economy grew faster than expected in 2021, capped by strong growth in the fourth quarter. Distortions inflicted by the COVID-19 pandemic—low labor force participation, more spending on goods rather than services, less business investment, and low inventories—still linger even as overall demand returns to normal.

The Peterson Institute for International Economics building is closed to staff and visitors until further notice. PIIE personnel are working remotely, with access to telephone messages.

Photo Credit: 
REUTERS/Lucy Nicholson

Featured

PIIE Chart

US-China phase one tracker: China’s purchases of US goods

Chad P. Bown (PIIE)

December 23, 2021

Microsite

How to Fix Economic Inequality?

Peterson Institute
November 17, 2020
Trade and Investment Policy Watch

Trump’s Trade War Timeline: An Up-to-Date Guide

Chad P. Bown (PIIE) and Melina Kolb (PIIE)

October 31, 2021
Get PIIE Updates

PIIE Recommends

Shift to renewable energy could be a mixed blessing for mineral exporters
PIIE/Nia Kitchin
Policy Brief

Shift to renewable energy could be a mixed blessing for mineral exporters

Cullen S. Hendrix (PIIE)
January 2022
A delegate arrives before a meeting at the World Trade Organization (WTO) in Geneva, Switzerland, October 28, 2020
REUTERS/Denis Balibouse
Working Paper

Trump ended WTO dispute settlement. Trade remedies are needed to fix it.

Chad P. Bown (PIIE)
January 2022
A woman looks over her grocery bill outside Chinese supermarket in the Elmhurst neighborhood of the Queens borough of New York City, NY, January 13, 2022.
Sipa USA/Anthony Behar
Op-Eds

Why Did Almost Nobody See Inflation Coming?

Jason Furman (PIIE)
January 17, 2022
via Project Syndicate
A shopper pushes a shopping cart at a store in the Queens borough of New York City, NY, January 17, 2022. Consumer prices surged 7% over the year as inflation hits 40-year high, food prices have gone up 12.5%.
Sipa USA/Anthony Behar
Op-Eds

Four Reasons to Keep Worrying About Inflation

Jason Furman (PIIE)
January 13, 2022
via Wall Street Journal
The logo of the Nord Stream 2 gas pipeline project is seen on a pipe at the Chelyabinsk pipe rolling plant in Chelyabinsk, Russia, February 26, 2020.
REUTERS/Maxim Shemetov
RealTime Economic Issues Watch

Europe faces tough choices on Nord Stream 2 if Russia invades Ukraine

Jeffrey J. Schott (PIIE)
January 21, 2022

From Our Experts

Adam S. Posen

Adam S. Posen

President
Exceptional uncertainty and the global economy: A conversation with David Malpass and Adam Posen
How globalization proceeds when the US retreats
Supply chain relocation to Mexico and North American economic competitiveness
Markus K. Brunnermeier

Markus K. Brunnermeier

Nonresident Senior Fellow
The nexus of interest rates, banks, and politics
Policy Implications for Building a Resilient Society
The Resilient Society: Lessons from the pandemic for recovering from the next major shock
Pinelopi Koujianou Goldberg

Pinelopi Koujianou Goldberg

Nonresident Senior Fellow
The price of American economic nostalgia
The evolving gender gap in labor force participation during COVID-19
Do gendered laws matter for women’s economic empowerment?

PIIE Blogs

: U.S. President Joe Biden speaks to reporters on the South Lawn of the White House, in Washington, U.S., October 2, 2021.
REUTERS/Al Drago
Trade and Investment Policy Watch

Why Biden will try to enforce Trump’s phase one trade deal with China

Chad P. Bown (PIIE)
December 15, 2021
RealTime Economic Issues Watch

The US economy grew faster than expected in 2021, but the pandemic transformed its composition

Jason Furman (PIIE) and Wilson Powell III (PIIE)

January 27, 2022
China Economic Watch

Is the sky really falling for private firms in China?

Tianlei Huang (PIIE) and Nicholas R. Lardy (PIIE)

October 14, 2021

Events

Exceptional uncertainty and the global economy: A conversation with David Malpass and Adam Posen
Past Event

Exceptional uncertainty and the global economy: A conversation with David Malpass and Adam Posen

David R. Malpass (World Bank Group) and Adam S. Posen (PIIE)

January 19, 2022
As the world enters the third year of the COVID-19 crisis, economic developments have been both encouraging and troubling. This conversation between World Bank Group president David R. Malpass and PIIE president Adam S. Posen will explore the global economic outlook. They will discuss three main...
Past Event

How well is European banking supervision working in practice?

Nicolas Véron (PIIE), Kilvar Kessler (Estonian Financial Supervision Authority) and Jonathan Zeitlin (Professor of Public Policy and Governance, University of Amsterdam)

January 26, 2022
Past Event

Transforming Energy Systems: Economics, Policies and Change

Steven Fries (Institute for New Economic Thinking, Oxford University)

January 25, 2022
Past Event

Exceptional uncertainty and the global economy: A conversation with David Malpass and Adam Posen

David R. Malpass (World Bank Group) and Adam S. Posen (PIIE)

January 19, 2022
View All Events

PIIE Charts

US GDP growth outpaced expectations in 2021

Jason Furman (PIIE) and Wilson Powell III (Harvard Kennedy School)

January 27, 2022

Multimedia

Joseph E. Gagnon
Short Videos

Pandemic inflation and the Phillips curve

Featuring Joseph E. Gagnon (PIIE)
January 20, 2022
Jason Furman
Short Videos

Why did (almost) nobody see inflation coming and what’s next?

Featuring Jason Furman (PIIE)
January 7, 2022
Adam S. Posen
Short Videos

How globalization proceeds when the US retreats

Featuring Adam S. Posen (PIIE)
January 7, 2022
Trade Talks Episode 0: Introduction to the Weekly Podcast
Trade Talks

Episode 159: How Biden and Europe settled Trump’s steel and aluminum tariffs

Featuring Soumaya Keynes (The Economist) and Chad P. Bown (PIIE)
November 8, 2021
Mary E. Lovely
Short Videos

Conscious uncoupling? The future of US-China relations

Featuring Mary E. Lovely (PIIE)
May 7, 2021
Adam S. Posen
Short Videos

The case against nostalgia in economic policymaking

Featuring Adam S. Posen (PIIE)
April 29, 2021
US Federal Reserve Building, Washington, DC
PIIE/Jeremey Tripp
Short Videos

NEC Webinar: Inflation Fears and the Biden Stimulus: Look to the Korean War, Not Vietnam

Featuring Joseph E. Gagnon (PIIE)
April 1, 2021
Adam S. Posen
Short Videos

Adam S. Posen on the price of America’s economic retreat

Featuring Adam S. Posen (PIIE)
April 20, 2021
Rebuilding the Global Economy
Past Event

Rebuilding the Global Economy: Role of the White House

Jason Furman (PIIE), Karen Dynan (PIIE), Douglas A. Irwin (PIIE) and Nicholas R. Lardy (PIIE)
October 26, 2020 9:00 AM to 10:00 AM
Financial Statements - Featured
Past Event

Setting the standards for sustainability-related reporting

Nicolas Véron (PIIE), Lucrezia Reichlin (IFRS Foundation) and Samantha Ross (AssuranceMark)
September 30, 2021 8:00 AM to 9:00 AM

Highlighted PIIE Topics

ChinaEuropean UnionUnited KingdomUS-China Trade WarTrade DeficitTrade PolicyTaxesCurrency ManipulationCoronavirusEconomic OutlookGlobalizationInequalityLabor


Bookstore

Facing Up to Low Productivity Growth

Facing Up to Low Productivity Growth

Edited by Adam S. Posen (PIIE) and Jeromin Zettelmeyer (PIIE)

February 2019
The State Strikes Back: The End of Economic Reform in China?

The State Strikes Back: The End of Economic Reform in China?

Nicholas R. Lardy (PIIE)

January 2019