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Visit the media centre [menu1-pres] o Media centre o Press releases o BIS management speeches o Basel Committee speeches o Central bankers' speeches o BIS photo gallery o Videos o Podcast o News archive In this section: * Home * Research & publications * BIS Bulletins Logout * Research & publications + Research at the BIS + Trending topics + BIS authors + Annual Economic Report + Quarterly Review + BIS Bulletins + BIS Papers + Working Papers + FSI publications + Committee publications + Conferences + Asian Office research + Americas Office research + Other publications + Discontinued papers series Bottlenecks: causes and macroeconomic implications [bisbull48] BIS Bulletin | No 48 | 11 November 2021 by Daniel Rees and Phurichai Rungcharoenkitkul PDF full text (744kb) | 9 pages Key takeaways * Bottlenecks in the supply of commodities, intermediate goods and freight transport have given rise to volatile prices and delivery delays. * Bottlenecks started out as pandemic-related supply disruptions amid strong demand from the global economic recovery. But they have been aggravated by the attempts of supply chain participants to build buffers in already lean production networks - so-called bullwhip effects. * Bottlenecks have been particularly severe in upstream industries - ie those that supply inputs used in many other products. These constraints have led to large international spillovers through global value chains. * The direct inflationary effect of bottlenecks will likely be limited after relative prices have adjusted. However, sustained inflationary pressures could emerge if bottlenecks persist long enough to trigger an upward shift in wage growth and inflation expectations. Online appendix About the authors Daniel Rees More from this author author Phurichai Rungcharoenkitkul More from this author Top * Share this page * * * Stay connected * Follow us * * * * * * * * Sign up to receive email alerts * About BIS * Sitemap * FAQ * Contact * Careers * Translations * Legal information * Terms and conditions * Copyright and permissions * Disclaimers * Email scam warning