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http://hdl.handle.net/10419/55611
  
Title:Empirical estimates of changing inflation dynamics PDF Logo
Authors:Fuhrer, Jeff
Olivei, Giovanni
Tootell, Geoffrey M. B.
Issue Date:2009
Series/Report no.:Working paper series // Federal Reserve Bank of Boston 09-4
Abstract:This paper provides an array of empirical evidence bearing on potentially important changes in the dynamics of U.S. inflation. We examine the overall performance of Phillips curves relative to some well-known benchmarks, the efficiency with which the Federal Reserve's Greenbook forecasts of inflation use real activity information, and shifts in the key determinants of the reduced-form triangle model” of inflation. We develop a structural model-based interpretation of observed reduced-form shifts and conduct a reduced-form assessment of the relationship between core and headline measures of inflation, centering on the persistent pass-through” of relative price changes into core and headline inflation measures, and a parallel exercise that examines the pass-through of key relative price changes into wage and compensation measures.
JEL:E5
E31
E37
Document Type:Working Paper
Appears in Collections:Working Paper Series, Federal Reserve Bank of Boston

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