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are often used for monetary policy. Until now, the use of trimmed-mean price statistics in forecasting inflation has often … the inflation forecasting improvements are perhaps not surprising given the current literature on core inflation …
Persistent link: https://www.econbiz.de/10013073010
We estimate an empirical model of inflation that exploits a Phillips curve relationship between a measure of … unemployment and a subaggregate measure of inflation (services). We generate an aggregate inflation forecast from forecasts of the … statistics for models that exploit relationships between services inflation and the unemployment rate. In addition, models of …
Persistent link: https://www.econbiz.de/10013013606
might be useful in the forecasting of aggregate inflation. Trimmed-mean inflation estimators have been shown to be useful … devices for forecasting headline PCE inflation. But does this stem from their ability to signal the underlying trend, or does … question by augmenting a “hard to beat” benchmark inflation forecasting model of headline PCE price inflation with robust …
Persistent link: https://www.econbiz.de/10014079310
We develop a flexible modeling framework to produce density nowcasts for US inflation at a trading-day frequency. Our …
Persistent link: https://www.econbiz.de/10014091500
Persistent link: https://www.econbiz.de/10003298448
Persistent link: https://www.econbiz.de/10001197649
The dollar's depreciation during the early floating rate period, 1973-1981, was a symptom of the Great Inflation. In …
Persistent link: https://www.econbiz.de/10013135219
The Federal Reserve abandoned foreign-exchange-market intervention because it conflicted with the System's commitment to price stability. By the early 1980s, economists generally concluded that, absent a portfolio-balance channel, sterilized foreign-exchange-market intervention did not provide...
Persistent link: https://www.econbiz.de/10013139393
The United States all but abandoned its foreign-exchange-market intervention operations in late 1995, when they proved corrosive to the credibility of the Federal Reserve's commitment to price stability. We view this decision as the culmination of the evolution of U.S. monetary policy over the...
Persistent link: https://www.econbiz.de/10013119099
Reserve's ability to credibly commit to low and stable inflation. This chapter also provides a theoretical discussion of …
Persistent link: https://www.econbiz.de/10013123428