With the concept of trend inflation now widely understood as to be important as a measure of the public's perception of … the inflation goal of the central bank and important to the accuracy of longer-term inflation forecasts, this paper uses … Bayesian methods to assess alternative models of trend inflation. Reflecting models common in reduced-form inflation modeling …

recent advances in precision-based algorithms, is developed. Our results for several measures of U.S. inflation indicate that … estimates of trend inflation. …