This paper reconsiders the empirical evidence connecting inflation to its higher-order moments. In particular, we examine the statistical properties of the observed positive correlation between the sample mean and the sample cross-sectional skewness of price changes. This correlation has...

An investigation of the use of trimmed means as high-frequency estimators of inflation.

An illustration of the cost and employment effects of Japanese voluntary export restraints on new-car imports to the U.S.

An examination of the investment and consumption characteristics of the paintings market between 1971 and 1984, using the capital asset pricing model.

In this paper, we reevaluate the evidence of seasonality in prices which we find to be substantially greater than previous research has indicated. That is, seasonal price movements have become more prominent in the relatively stable inflation environment that has prevailed since 1982. One main...

As inflation approaches zero, it becomes increasingly important to examine the price indices on which monetary policy is based. The most popularly used aggregate price statistic in the U.S. is the Consumer Price Index (CPI), a statistic that appears to be a focal point in monetary policy...

The Federal Reserve System is America’s uneasy compromise between our dislike of concentrated financial power and our desire to promote efficiency in our national payments system. In fact, the Federal Reserve is the nation’s third attempt to establish a large national bank—what we now call...

An analysis concluding that inflation measures based on median price changes are a better indicator than measures based on mean price changes.