Official price indexes, such as the CPI, are imperfect indicators of inflation calculated using ad hoc price formulae … different from the theoretically well-founded inflation indexes favored by economists. This paper provides the first estimate of … how accurately the CPI informs us about "true" inflation. We use the largest price and quantity dataset ever employed in …

of this margin of adjustment for the response of inflation to shocks. Across a range of empirical exercises, we find …

shortening the duration of the crisis and a binding zero bound. Inflation should be front loaded. Fiscal-policy multipliers can …

for output growth and inflation from 1992 to 2011. We find strong evidence of time variation in the pool's weights …

and the inflation rate without error, then it is typically optimal to respond infinitely strongly to observed deviations … from the central bank's targets. If it observes inflation and the output gap with error, the central bank will temper its … terms of estimated output and inflation then it is optimal to respond infinitely strongly to estimated deviations from the …

inflation rates account for a share of the PPP changes, although less so for the 2011 revisions than prior ICP rounds. A marked … higher prices. The drift is concentrated in the Asia regional groupings used for ICP implementation. The results are not …