The Washington Post cites Economics Professor Joseph Stiglitz in "fact checking" article
Biden’s claim that Nobel winners say his plan would ‘reduce inflation’
In September, back when Biden’s “Build Back Better” plan called for $3.5 trillion in spending on top of a bipartisan infrastructure plan, 15 recipients of the Nobel Memorial Prize in Economic Sciences released a joint letter praising his initiative. . . .
. . . "Because this agenda invests in long-term economic capacity and will enhance the ability of more Americans to participate productively in the economy, it will ease longer-term inflationary pressures. This simply means what it says: it will have positive “supply side effects” which reduce inflationary pressures. My judgment was that in the earlier version, with almost all of the additional spending “paid for,” the net demand side effects were likely to be minimal. Obviously, without detailed knowledge of the final package, it's not possible to do a precise overall assessment. One needs to look at both what taxes/revenue measures have been taken out, what spending measures have been taken out, and to what extent it continues to be paid for. From the reports that I’ve seen, the statement is likely to be still true, though with the scaling down of the measures, the magnitudes of the effects are reduced." . . .