Firmly-anchored inflation expectations are widely viewed as playing a central role in the successful conduct of … monetary policy. This paper presents estimates of trend inflation, based on information contained in survey expectations, the … term structure of interest rates, and realized inflation rates. My application combines a variety of data sources at the …

and personal consumption expenditure inflation over three sample periods: 1959:1–1979:1, 1979:2–2001:2, and 1985 …:1–2007:2. Headline and core inflation measures are co-integrated, suggesting long-run co-movement. However, the ways these two variables … sample period, when a positive gap opens up with headline inflation rising above core inflation, the gap is eliminated mainly …