The well-known Phillips curve suggests that future inflation depends on current and past inflation and a measure of economic slack or resource utilization. Using the unemployment gap to measure slack, a simple Phillips curve currently predicts that inflation will remain quite low through 2015....

A series of essays authored by San Francisco Fed President and CEO John C. Williams, Senior Vice President and Associate Director of Research Mary C. Daly, Research Associate Yifan Cao, and Senior Economic Education Manager Jody Hoff, argue that the answer to the questions 'Does college matter?'...

Inflation as measured by the personal consumption expenditures price index is near historical low levels, below the Federal Reserve’s 2% longer-run goal. Another common inflation measure, the consumer price index, is also historically low, but remains closer to 2%. The recent gap between these...