| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25512 |
| 来源ID | Working Paper 25512 |
| The Nonpuzzling Behavior of Median Inflation | |
| Laurence M. Ball; Sandeep Mazumder | |
| 发表日期 | 2019-02-04 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Economists are puzzled by the behavior of U.S. inflation since the Great Recession of 2008-2009, and many suggest that the Phillips curve relating inflation to unemployment has broken down. This paper argues that inflation behavior is easier to understand if we divide headline inflation into core and transitory components, and if core inflation is measured by the weighted median of industry inflation rates. This weighted median is less volatile than the traditional measure of core inflation, the inflation rate excluding food and energy prices, because it filters out large price changes in all industries. We illustrate the usefulness of the weighted median with a case study of inflation in 2017 and early 2018. We also show that a Phillips curve relating the weighted median to unemployment appears clearly in the data for 1985-2017, with no sign of a breakdown in 2008. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w25512 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583186 |
| 推荐引用方式 GB/T 7714 | Laurence M. Ball,Sandeep Mazumder. The Nonpuzzling Behavior of Median Inflation. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25512.pdf（325KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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