WebWe investigate the flattening Phillips relation by making two departures from standard specifications. First, we measure slack using real activity variables that are bandpass … Webscholar.harvard.edu

ECB Forum on Central Banking Sintra 2024

WebThe inflation rate among cyclically sensitive subcomponents, which comprise roughly 40 percent of overall core PCE inflation, has generally continued to firm in recent years in line ... the stability of the Phillips curve or the extent to which slack has been taken up in the economy. In this Commentary, I show that this apparent recent tension WebWe construct a new inflation index, cyclically sensitive inflation, that weights the components by their joint cyclical covariation with real activity. The index has strong and … dr angela many knoxville tn

Slack and Cyclically Sensitive Inflation by James H. Stock, Mark W ...

WebSlack and cyclically sensitive inflation James H. Stock, Professor, Harvard University Presentation (with Mark Watson, Professor, Princeton University) Discussant: Lucrezia Reichlin, Professor, London Business School Inflation expectations – a policy tool? Yuriy Gorodnichenko, Professor, University of California, Berkeley Presentation WebWe investigate the flattening Phillips relation by making two departures from standard specifications. First, we measure slack using real activity variables that are bandpass … WebAbstract. We investigate the flattening Phillips relation by making two departures from standard specifications. First, we measure slack using real activity variables that are bandpass filtered or year-over-year changes in activity (these are similar), instead of gaps. Second, we study the components of inflation instead of the standard aggregates. dr angela marshall bowie md