Using state-space modeling, we extract information from surveys of long-term inflation expectations and multiple quarterly inflation series to undertake a real-time decomposition of quarterly headline PCE and GDP-deflator inflation rates into a common long-term trend, common cyclical component,...

This paper studies the data revision properties of inflation and its components as measured by the Wholesale Price Index (WPI) for the Indian economy. We find that data revisions to the WPI inflation and its sub-components are positive and significant, that is, the preliminary estimates of...

This paper analyzes the performance of central banks in 27 inflation targeting countries by examining their success in achieving their explicit inflation targets. For this purpose, we decompose the inflation gap, the difference between actual inflation and inflation target, into predictable and...

This paper studies the role of the real money gap — the deviation of real money balance from its long-run equilibrium level — for predicting inflation in India. Using quarterly data on manufacturing inflation from 1982 to 2007, we find that the real money gap is a significant predictor of...