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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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Comparing Past and Present Inflation
Bolhuis, Marijn A.; Cramer, Judd N. L.; Summers, … - National Bureau of Economic Research - 2022
There have been important methodological changes in the Consumer Price Index (CPI) over time. These distort comparisons of inflation from different periods, which have become more prevalent as inflation has risen to 40-year highs. To better contextualize the current run-up in inflation, this...
Persistent link: https://www.econbiz.de/10013334335
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An Analysis of Pandemic-Era Inflation in 11 Economies
Blanchard, Olivier; Bernanke, Ben - National Bureau of Economic Research - 2024
In a collaborative project with ten central banks, we have investigated the causes of the post-pandemic global inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due primarily to supply disruptions and sharp increases in...
Persistent link: https://www.econbiz.de/10014544809
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Heterogeneous Downward Nominal Wage Rigidity : Foundations of a Static Wage Phillips Curve
Schmitt-Grohé, Stephanie; Uribe, Martín - National Bureau of Economic Research - 2022
We introduce a form of downward nominal wage rigidity that can vary in intensity across a continuum of labor varieties. The model delivers a static wage Phillips curve linking current wage inflation to current unemployment. For standard parameterizations, the dynamics of the model are...
Persistent link: https://www.econbiz.de/10013477266
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Import Constraints
Comin, Diego; Johnson, Robert C.; Jones, Callum J. - National Bureau of Economic Research - 2024
During the recovery from the COVID-19 pandemic, international shipping and logistics capacity was strained, limiting the quantity of imports. We investigate the impact of an import constraint on inflation, following an increase in domestic demand. Whether the binding import constraint raises...
Persistent link: https://www.econbiz.de/10014468272
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Cross-Border Shopping : Evidence and Welfare Implications for Switzerland
Burstein, Ariel T.; Lein-Rupprecht, Sarah M.; Vogel, … - National Bureau of Economic Research - 2024
Consumers access foreign goods by purchasing them domestically or shopping abroad. We present new facts on cross-border shopping by Swiss households showing, for example, that prices of identical products are lower in neighboring countries, cross-border shopping shares fall with distance to the...
Persistent link: https://www.econbiz.de/10015072947
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Understanding the Fiscal Theory of the Price Level
Christiano, Lawrence J. - 2000
We review the fiscal theory of the price level. We place special emphasis on the theory's implications for the …
Persistent link: https://www.econbiz.de/10012471099
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The Fallacy of the Fiscal Theory of the Price Level
Buiter, Willem H. - 1999
or unsound argument'. The 'fiscal theory of the price level', recently re-developed by Woodford, Cochrane, Sims and … proponents of the fiscal theory of the price level do not accept the fundamental proposition that the government's intertemporal …. Policy conclusions could be drawn from the fiscal theory of the price level that would be harmful if they influenced the …
Persistent link: https://www.econbiz.de/10012471482
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The Assessment of National Price Levels
Kravis, Irving B. - 1986
, that are superior to those implied by the absolute or relative versions of purchasing power parity theory. The structural …
Persistent link: https://www.econbiz.de/10012477162
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Exchange Rates and Prices
Dornbusch, Rudiger - 1985
The appreciation of the U.S. dollar over the past five years opens important areas of research. The fact of a large and persistent real appreciation poses a challenge for equilibrium theorists to uncover the change in fundamentals and seems to support the role of long-term wage contracts in...
Persistent link: https://www.econbiz.de/10012477307