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Weighted Median Inflation Around the World : A Measure of Core Inflation

Ball, Laurence M.; Carvalho, Carlos Viana de; Evans, … - National Bureau of Economic Research - 2023

The standard measure of core or underlying inflation is the inflation rate excluding food and energy prices. This paper constructs an alternative measure, the weighted median inflation rate, for 38 advanced and emerging economies using subclass level disaggregation of the CPI over 1990-2021, and...

Persistent link: https://www.econbiz.de/10014247953

Comparing Past and Present Inflation

Bolhuis, Marijn A.; Cramer, Judd N. L.; Summers, … - National Bureau of Economic Research - 2022

There have been important methodological changes in the Consumer Price Index (CPI) over time. These distort comparisons of inflation from different periods, which have become more prevalent as inflation has risen to 40-year highs. To better contextualize the current run-up in inflation, this...

Persistent link: https://www.econbiz.de/10013334335

Heterogeneous Downward Nominal Wage Rigidity : Foundations of a Static Wage Phillips Curve

Schmitt-Grohé, Stephanie; Uribe, Martín - National Bureau of Economic Research - 2022

We introduce a form of downward nominal wage rigidity that can vary in intensity across a continuum of labor varieties. The model delivers a static wage Phillips curve linking current wage inflation to current unemployment. For standard parameterizations, the dynamics of the model are...

Persistent link: https://www.econbiz.de/10013477266

Import Constraints

Comin, Diego; Johnson, Robert C.; Jones, Callum J. - National Bureau of Economic Research - 2024

During the recovery from the COVID-19 pandemic, international shipping and logistics capacity was strained, limiting the quantity of imports. We investigate the impact of an import constraint on inflation, following an increase in domestic demand. Whether the binding import constraint raises...

Persistent link: https://www.econbiz.de/10014468272

An Analysis of Pandemic-Era Inflation in 11 Economies

Blanchard, Olivier; Bernanke, Ben - National Bureau of Economic Research - 2024

In a collaborative project with ten central banks, we have investigated the causes of the post-pandemic global inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due primarily to supply disruptions and sharp increases in...

Persistent link: https://www.econbiz.de/10014544809

Understanding the Fiscal Theory of the Price Level

Christiano, Lawrence J. - 2000

We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the …

Persistent link: https://www.econbiz.de/10012471099

The Fallacy of the Fiscal Theory of the Price Level

Buiter, Willem H. - 1999

or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …

Persistent link: https://www.econbiz.de/10012471482

Long-term Debt and Optimal Policy in the Fiscal Theory of the Price Level

Cochrane, John H. - 1998

The fiscal theory says that the price level is determined by the ratio of nominal debt to the present value of real … primary surpluses. I analyze long-term debt and optimal policy in the fiscal theory. I find that the maturity structure of the …

Persistent link: https://www.econbiz.de/10012472043

Is the Price Level Determined by the Needs of Fiscal Solvency?

Canzoneri, Matthew B. - 1998

A new theory of price determination suggests that if primary surpluses are independent of the level of debt, the price …

Persistent link: https://www.econbiz.de/10012472334

Indeterminacy, Bubbles, and the Fiscal Theory of Price Level Determination

McCallum, Bennett T. - 1998

The recently-developed fiscal theory of price level determination contends that there is an important class of policy …

Persistent link: https://www.econbiz.de/10012472349

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