Search Results
Journal Article
Inflation measurement gives us food for thought
Global food prices are soaring. Since February 2009, the United Nations Food and Agriculture Organization world food price index has risen roughly 67 percent, surpassing the previous peak in June 2008 (Chart 1). The last food price surge, from early 2007 to mid-2008, prompted riots in many countries; the latest rise has also fueled riots and may have been a factor in political unrest sweeping through North Africa and the Middle East.
Journal Article
Grain exports and inflation
Newsletter
Food inflation and the consumption patterns of U.S. households
In July 2008, food prices were 6.0% above their July 2007 level. This article examines how different household types have been affected by the recent rapid rise in food prices.
Journal Article
Food and energy price shocks: what other prices are affected?
Sharp rises in energy and other commodity prices have recently ignited concerns about inflation. Will these price increases spill over to other prices more generally? We study the typical responses of different price shocks and assess whether the recent behavior of producer and consumer prices is consistent with historical norms. Our analysis shows that the behavior of various producer and consumer prices since late 2009 has generally matched up with historical patterns. Overall, our findings suggest that effects of the recent energy and commodity price shocks on core consumer prices will be ...
Newsletter
Pork production continues on the upswing
Report
Menu costs at work: restaurant prices and the introduction of the euro
Restaurant prices in the euro area saw an unprecedented increase after the introduction of the euro. We use an extension of commonly used models of sticky prices and argue that the increase in restaurant prices can be explained by menu costs. The extension we use involves the state-dependent decision of firms about when to adopt the euro. Two main mechanisms drive the result. First, our model concentrates otherwise staggered price increases around the introduction of the euro. Second, before the adoption of the euro, prices do not reflect marginal cost increases expected to occur after the ...
Speech
Food or commodity price shocks and inflation: a central banker's perspective
A speech presented at "Food and Water - Basic Challenges to International Stability," 2009 Global Conference Series (Part 4), (Global Interdependence Center (GIC) in partnership with the University of Chicago Booth School of Business, Singapore, November 19, 2009
Journal Article
What is driving food price inflation?
Speech
Inflation measurement and price volatility
Remarks before the Charlotte Economics Club, Charlotte, N.C., October 4, 2007. ; "Those of us responsible for crafting U.S. monetary policy cannot afford to be distracted by the flux of short-term price changes that are destined to be unwound. Our eye should be focused on underlying inflationary pressures, some of which may indeed be coming from food and energy markets. Routinely excluding food and oil price movements from our inflation gauges may have made sense in the 1970s, the 1980s and even the 1990s--but not now, nor in the next few years."
Journal Article
Commodity price gains: speculation vs. fundamentals
Commodities of all sorts have risen in price over the past few years. Some say that the prices reflect a bubble, driven by low interest rates and excessive speculation. Others say the price gains can be fully explained by supply and demand.