worldtradable goods prices. Indeed, trade prices were fallingthroughout Asia by similar magnitudes, regardless of howmuch each …

[...]In our view, this apparently surprising immunity of the U.S.economy to the Asia crisis reflects the fact that the …

Interest in commodity prices as indicators of consumerprice inflation has ebbed and flowed withthe rise and fall in … predictivepower has returned. Inflation hawks point to an outpouringof studies in the late 1980s showing a strong empiricalconnection … between commodity prices and subsequentconsumer inflation. Indeed, the concern over commoditieshas grown to the point where …

Recent theoretical work shows that changes in the volatility of inflation and/or unem-ployment affect equilibrium in … propositionthat the volatility of unemployment helps explain inflation outcomes suffers from a spu-rious regression problem. Once this … problem is controlled for, the evidence suggeststhat the volatility of unemployment does not help explain inflation outcomes …

Inflation rates in a number of OECD follow a common trend over the past four decades: inflation starts out low in the … in the behavior of trend inflation suggests that any explanation of long run inflation trends ought to apply across OECD …-varying NAIRU, can explain long run trends in U.S. inflation. In this paper we show that this result cannot serve as an explanation …

[...]This article explores the inflation puzzle andinvestigates whether compensation has acted as either atemporary … restraint on inflation or as the underlying sourceof a new inflation regime.2 After reviewing the recent behavior of inflation …, we specify and estimate a traditionalprice-inflation Phillips curve model over the 1965-96period. Our results show that …