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Keywords:Inflation (Finance) 

Working Paper
Intrinsic and inherited inflation persistence

In the now conventional view of the inflation process, the New Keynesian Phillips Curve (NKPC) captures most of the persistence in inflation. The sources of persistence are twofold. First, the ?driving process? for inflation?the output gap or, more commonly, real marginal cost?is itself quite persistent, and a casual inspection of the NKPC reveals that inflation must ?inherit? this persistence. Second, a modest amount of backward-looking or indexing behavior imparts some ?intrinsic? persistence to inflation. This latter source is generally thought to be of less importance than the former, as ...
Working Papers , Paper 05-8

Working Paper
Modelling inflation dynamics: a critical review of recent research

In recent years, a broad academic consensus has arisen around the use of rational expectations sticky-price models to capture inflation dynamics. These models are seen as providing an empirically reasonable characterization of observed inflation behavior once suitable measures of the output gap are chosen; and, moreover, are perceived to be robust to the Lucas critique in a way that earlier econometric models of inflation are not. We review the principal conclusions of this literature concerning: 1) the ability of these models to fit the data; 2) the importance of rational forward-looking ...
Finance and Economics Discussion Series , Paper 2005-66

Working Paper
Some not so unpleasant monetarist arithmetic

This paper analyzes the quantitative significance of Sargent and Wallace's (1981) "Some Unpleasant Monetarist Arithmetic" in a model that is parameterized to correspond with U.S. data. The major result is that the monetarist arithmetic is not overly unpleasant and that the nominal side of the economy is not very sensitive to whether money growth does or does not respond to government debt.
Working Paper , Paper 95-02

Journal Article
Understanding the inflation targeting debate

Monetary Trends , Issue Dec

Journal Article
Stable prices, stable economy: keeping inflation in check must be No. 1 goal of monetary policymakers

Conventional wisdom holds that if policymakers are too focused on controlling inflation, then employment, output growth and financial stability will suffer. But the conventional wisdom is wrong, according to the data.
The Regional Economist , Issue Jan , Pages 4-9

Speech
A report on the economy (with a nod to the Carl Sewells and Ben Bernanke)

Remarks before the Texas A&M Retailing Summit, Dallas, Texas, October 7, 2011 ; "We have filled the gas tanks of the economy with affordable liquidity. What is needed now is for employers to confidently step on the pedal and engage the transmission that will use that fuel to move the great job-creating machine of America forward."
Speeches and Essays , Paper 97

Journal Article
Is inflation targeting best-practice monetary policy?

Review , Volume 86 , Issue Jul , Pages 117-144

Journal Article
Commodity price indexes: can they predict inflation?

The Regional Economist , Issue Jul , Pages 10-11

Journal Article
Indexation: a reasonable response to inflation

Business Review , Issue Sep/Oct , Pages 3-11

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