) models, with and without financial frictions, for output growth and inflation in the period 1992 to 2011. We find strong …

Monetary policymakers and long-term investors would benefit greatly from a measure of underlying inflation that uses … all relevant information, is available in real time, and forecasts inflation better than traditional underlying inflation … measures such as core inflation measures. This paper presents the “FRBNY Staff Underlying Inflation Gauge (UIG)” for CPI and …

In a simple search model of money, we study a special kind of memory that gives rise to an arrangement resembling a …

inflation and to deviations of output from its efficient level—the one that would prevail in the absence of distortions—have the …

earlier work by Sbordone. The estimator is again applied to a version of the New Keynesian Phillips curve, in which inflation …. While confirming the importance of forward-looking terms in accounting for inflation dynamics, it suggests how the … methodology can be applied to extend the analysis of inflation to a multivariate setting. …

implies that the dynamics of inflation are well explained by the evolution of real marginal costs. In this paper, we analyze … whether this is a structurally invariant relationship. We first estimate an unrestricted time-series model for inflation, unit …