On November 3 and 4, 2005, the Federal Reserve Bank of Chicago’s Inflation Research Center hosted the “2005 Conference on Price Stability.” This conference brought together leading academic economists and policymakers to discuss the latest research on the determinants of inflation and...

The recent run-ups in oil and other commodity prices and their implications for inflation and monetary policy have grabbed the attention of many commentators in the media. Clearly, higher prices of food and energy end up in the broadest measures of consumer price inflation, such as the Consumer...