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Measuring U.S. Core Inflation : The Stress Test of COVID-19
Ball, Laurence M.; Leigh, Daniel; Mishra, Prachi; … - National Bureau of Economic Research - 2021
Large price changes in industries affected by the COVID-19 pandemic have caused erratic fluctuations in the U.S. headline inflation rate. This paper compares alternative approaches to filtering out the transitory effects of these industry price changes and measuring the underlying or core level...
Persistent link: https://www.econbiz.de/10012794634
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Measuring Core Inflation
Bryan, Michael F. - 1993
In this paper, we investigate the use of limited-information estimators as measures of core inflation. Employing a model of asymmetric supply disturbances, with costly price adjustment, we show how the observed skewness in the cross-sectional distribution of inflation can cause substantial noise...
Persistent link: https://www.econbiz.de/10012474657
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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
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Accounting for Outward Direct Investment from Hong Kong and Singapore : Who Controls What?
Low, Linda - 1996
), we survey information on outward investors from Hong Kong and Singapore with the aim of illuminating the implications of … investment by foreign firms in Hong Kong and Singapore often involves sub- stantial contributions from local staff and partners … of foreign-controlled Hong Kong or Singapore investors suggested that many of the investors were acting as part of an …
Persistent link: https://www.econbiz.de/10012472970
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Inflation Dynamics : Dead, Dormant, or Determined Abroad?
Forbes, Kristin - 2019
Inflation dynamics have been difficult to explain over the last decade. This paper explores if a more comprehensive treatment of globalization can help. CPI inflation has become more synchronized around the world since the 2008 crisis, but core and wage inflation have become less synchronized....
Persistent link: https://www.econbiz.de/10012480439
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What Measure of Inflation Should a Developing Country Central Bank Target?
Anand, Rahul - 2015
In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained...
Persistent link: https://www.econbiz.de/10012457280
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Getting to the Core : Inflation Risks Within and Across Asset Classes
Fang, Xiang; Liu, Yang; Roussanov, Nikolai - National Bureau of Economic Research - 2022
Do "real" assets protect against inflation? Core inflation betas of stocks are negative while energy betas are positive; currencies, commodities, and real estate also mostly hedge against energy inflation but not core. These hedging properties are reflected in the prices of inflation risks: only...
Persistent link: https://www.econbiz.de/10013334388
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Relative-Price Changes as Aggregate Supply Shocks Revisited : Theory and Evidence
Afrouzi, Hassan - 2024
We provide theory and evidence that relative price shocks can cause aggregate inflation and act as aggregate supply shocks. Empirically, we show that exogenous positive energy price shocks have a positive impact not only on headline but also on U.S. core inflation while depressing U.S. real...
Persistent link: https://www.econbiz.de/10015056141
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Lending to the Unbanked : Relational Contracting with Loan Sharks
Lang, Kevin - 2019
We study roughly 11,000 loans from unlicensed moneylenders to over 1,000 borrowers in Singapore and provide basic …
Persistent link: https://www.econbiz.de/10012480344
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Growth Accounting with Misallocation : Or, Doing Less with More in Singapore
Fernald, John - 2010
rather than the top down. We show an example, for Singapore, of how incomplete data can be used to obtain estimates of … estimates in Singapore and to resolve other empirical puzzles regarding Asian development …
Persistent link: https://www.econbiz.de/10012462609