1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests … that the Bundesbank – which is near-universally credited for sparing West Germany the Great Inflation – would also not have … been able to prevent the Great Inflation in the United States. The sheer implausibility of this result sounds a cautionary …

.S. headline inflation rate. This paper compares alternative approaches to filtering out the transitory effects of these industry … price changes and measuring the underlying or core level of inflation over 2020-2021. The Federal Reserve's preferred … measure of core, the inflation rate excluding food and energy prices (XFE), has performed poorly: over most of 2020-21, it is …

macroeconomic volatility. …