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McCarthy, Jonathan; Peach, Richard W. - Federal Reserve Bank of New York - 2010

Providing for shelter represents a large portion of the typical household budget. Accordingly, rent, paid either to a … deflator, resulting in substantial scrutiny of how tenant rent and owners' equivalent rent are measured in these price indexes …. In this paper, we describe how the Bureau of Labor Statistics (BLS) estimates tenant rent and owners' equivalent rent. We …

Persistent link: https://www.econbiz.de/10008636200

A review of core inflation and an evaluation of its measures

Rich, Robert; Steindel, Charles - Federal Reserve Bank of New York - 2005

This paper provides a review of the concept of core inflation and evaluates the performance of several proposed measures. We first consider the rationale of a central bank in setting its inflation goal in terms of a selected rate of consumer price growth and the use of a core inflation measure...

Persistent link: https://www.econbiz.de/10005526279

How rigid are producer prices?

Goldberg, Pinelopi Koujianou; Hellerstein, Rebecca - Federal Reserve Bank of New York - 2009

Conventional wisdom suggests that producer prices are more rigid than consumer prices and therefore play less of a role in the allocation of goods and services. Analyzing 1987-2008 microdata collected by the U.S. Bureau of Labor Statistics for the producer price index, we find that producer...

Persistent link: https://www.econbiz.de/10008636157

Time-varying pass-through from import prices to consumer prices: evidence from an event study with real-time data

Amstad, Marlene; Fischer, Andreas M. - Federal Reserve Bank of New York - 2005

This paper analyzes the pass-through from import prices to consumer price index (CPI) inflation in real time. Our strategy follows an event-study approach that compares inflation forecasts before and after import price releases. Inflation forecasts are modeled using a dynamic factor procedure...

Persistent link: https://www.econbiz.de/10005420601

Distribution margins, imported inputs, and the sensitivity of the CPI to exchange rates

Campa, Jose Manuel; Goldberg, Linda S. - Federal Reserve Bank of New York - 2006

Border prices of traded goods are highly sensitive to exchange rates; however, the consumer price index (CPI) and the retail prices of goods that make up the CPI are more stable. This paper decomposes the sources of this price stability for twenty-one OECD (Organisation for Economic Co-operation...

Persistent link: https://www.econbiz.de/10005420510

Expectations of inflation: the biasing effect of thoughts about specific prices

Bruin, Wändi Bruine de; Klaauw, Wilbert van der; Topa, … - Federal Reserve Bank of New York - 2011

National surveys follow consumers’ expectations of future inflation, because they may directly affect the economic choices they make, indirectly affect macroeconomic outcomes, and be considered in monetary policy. Yet relatively little is known about how individuals form the inflation...

Persistent link: https://www.econbiz.de/10009001770

Optimal disinflation under learning

Cogley, Timothy; Matthes, Christian; Sbordone, Argia M. - Federal Reserve Bank of New York - 2011

We model transitional dynamics that emerge after the adoption of a new monetary policy rule. We assume that private agents learn about the new policy via Bayesian updating, and we study how learning affects the nature of the transition and the choice of a new rule. Temporarily explosive dynamics...

Persistent link: https://www.econbiz.de/10009366987

The macroeconomic effects of large-scale asset purchase programs

Chen, Han; Cúrdia, Vasco; Ferrero, Andrea - Federal Reserve Bank of New York - 2011

The effects of asset purchase programs on macroeconomic variables are likely to be moderate. We reach this conclusion after simulating the impact of the Federal Reserve’s second large-scale asset purchase program (LSAP II) in a DSGE model enriched with a preferred habitat framework and...

Persistent link: https://www.econbiz.de/10009395290

Early contract renegotiation: An analysis of U.S. labor contracts from 1970 to 1995

Rich, Robert; Tracy, Joseph - Federal Reserve Bank of New York - 2011

This paper examines the ex post flexibility of U.S. labor contracts during the 1970-95 period by investigating whether unanticipated changes in inflation increase the likelihood of a contract being renegotiated prior to its expiration. We find strong empirical support for this hypothesis....

Persistent link: https://www.econbiz.de/10009358584

Fitting observed inflation expectations

Negro, Marco Del; Eusepi, Stefano - Federal Reserve Bank of New York - 2010

This paper provides evidence on the extent to which inflation expectations generated by a standard Christiano et al. (2005)/Smets and Wouters (2003)–type DSGE model are in line with what is observed in the data. We consider three variants of this model that differ in terms of the behavior of,...

Persistent link: https://www.econbiz.de/10008764415