that the oil price passes through core inflation only via its effect on the whole economy. This pass-through is estimated …

price level. The analysis compares the properties of optimal policy in regimes ranging from pure inflation targeting (IT …), to a form of weighted-average inflation targeting (WAIT), to pure price level targeting (PLT). Strategies such as WAIT …

This paper examines a number of alternative PCE price inflation measures including overall PCE inflation, PCE inflation … excluding food and energy, trimmed mean PCE inflation, component-smoothed inflation, variance-weighted inflation, inflation with … weights based on disaggregated regressions, and survey measures of inflation expectations. When averaging across a handful of …

relationship between inflation and unemployment is nonlinear. Using aggregate data we are unable to reject a linear relationship … low compared to when it is high. Nevertheless the simple nonlinear Phillips curves used here suggest a core CPI inflation …

Inflation measurement is the process through which changes in the prices of individual goods and services are combined … to yield a measure of general price change. This paper discusses the conceptual framework for thinking about inflation … measurement and considers practical issues associated with determining an inflation measure's scope; with measuring individual …

Building on the results in Nalewaik (FEDS 2015-93), this work models wage growth and core PCE price inflation as regime … price inflation that becomes much larger after labor markets tighten beyond a certain point. The results are informative for … assessing the likelihood and risks of meeting certain inflation targets on a sustained basis …

inflation and deflationary biases in inflation expectations. In a model with an occasionally binding zero-lower-bound constraint …, we show that an inflation bias as well as a deflationary bias exist as a steady-state outcome. We assess the predictions … of this model using unique individual-level inflation expectations data across nine countries that allow for a direct …

This paper documents two facts about countries with floating exchange rates where monetary policy controls inflation … horizon. Second, the real exchange rate is virtually uncorrelated with future inflation rates both in the short run and in the …

We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any … paribus unitary relationship between inflation and money growth. Simulations of a New Keynesian model suggest that we should … allowance needed for the phase shift in the relationship between monetary growth rates and inflation. While financial innovation …