| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29609 |
| 来源ID | Working Paper 29609 |
| Measuring U.S. Core Inflation: The Stress Test of COVID-19 | |
| Laurence M. Ball; Daniel Leigh; Prachi Mishra; Antonio Spilimbergo | |
| 发表日期 | 2021-12-27 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | Large price changes in industries affected by the COVID-19 pandemic have caused erratic fluctuations in the U.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, has performed poorly: over most of 2020-21, it is almost as volatile as headline inflation. Measures of core that exclude a fixed set of additional industries, such as the Atlanta Fed’s sticky-price inflation rate, have been less volatile, but the least volatile have been measures that filter out large price changes in any industry, such as the Cleveland Fed’s median inflation rate and the Dallas Fed’s trimmed mean inflation rate. These core measures have followed smooth paths, drifting down when the economy was weak in 2020 and then rising as the economy has rebounded. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy ; COVID-19 |
| URL | https://www.nber.org/papers/w29609 |
| 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/587280 |
| 推荐引用方式 GB/T 7714 | Laurence M. Ball,Daniel Leigh,Prachi Mishra,et al. Measuring U.S. Core Inflation: The Stress Test of COVID-19. 2021. |
| 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 | ||
| w29609.pdf（632KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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