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Keywords:Inflation 

Whose Wages Are Falling Behind the Least amid Surging Inflation?

For a majority of workers, wages didn’t increase as fast as inflation in the 12 months ended in second quarter 2022. Here, we dig deeper to see how outcomes may have differed across groups of workers.
Dallas Fed Economics

Speech
Bank of Korea International Conference Panel Comments

Remarks for the Bank of Korea International Conference 2010, June 1, 2010 Seoul, Korea
Speech , Paper 41

Journal Article
Price Pressures for U.S. Exporters and a Strong Dollar Have Increased Inflation in Foreign Countries

As the higher demand for imported goods during the pandemic has moderated, U.S. export prices have become an important factor in determining inflationary pressures from the United States. As of 2022:Q2, export prices increased by 11.8 percent annualized, far exceeding the historical average of 3.75 percent. Further, 58 percent of the increase in export prices can be attributed to the recent appreciation of the U.S. dollar, while the remaining 42 percent can be attributed to price pressures for U.S. exporters.
Economic Bulletin , Issue August 31, 2022 , Pages 4

Journal Article
Inflation targeting and revisions to inflation data: a case study with PCE inflation

Central banks around the world have come to recognize the importance of maintaining low and stable inflation. One widely employed tool for helping to do so is known as inflation targeting, whereby a central bank sets a numeric goal for inflation. Once this target is publicly stated, the bank can be held accountable for its actions in regard to meeting, or not meeting, this target. Countries that have adopted such a tool have generally had a favorable experience, and there is evidence that inflation targeting is correlated with increased stability in output growth, lower inflation, and more ...
Research Rap Special Report , Issue Jul

Working Paper
Nonlinear Unemployment Effects of the Inflation Tax

We argue that long-run inflation has nonlinear and state-dependent effects on unemployment, output, and welfare. Using panel data from the OECD, we document three correlations. First, there is a positive long-run relationship between anticipated inflation and unemployment. Second, there is also a positive correlation between anticipated inflation and unemployment volatility. Third, the long-run inflation-unemployment relationship is not only positive, but also stronger when unemployment is higher. We show that these correlations arise in a standard monetary search model with two shocks – ...
Finance and Economics Discussion Series , Paper 2021-040

Working Paper
Price Dispersion and Inflation Persistence

Persistent responses of inflation to monetary policy shocks have been difficult to explain by existing models of the monetary transmission mechanism without embedding controversial intrinsic inertia of inflation. Our paper addresses this issue using a staggered price model with trend inflation, a smoothed-off kink in demand curves, and a fixed cost of production. In this model, inflation exhibits a persistent response to a policy shock even in the absence of its intrinsic inertia, because the kink causes a measure of price dispersion, which is intrinsically inertial, to become a key source of ...
Research Working Paper , Paper RWP 16-9

Journal Article
Assessing the Risk of Extreme Unemployment Outcomes

Although the unemployment rate is at a historically low level, many policymakers are nevertheless watching projections for the future unemployment rate closely to evaluate the risk of extreme outcomes. We assess the probabilities of extreme outcomes in the near and medium term and find that the risk of unexpectedly high unemployment three years in the future has declined from its Great Recession peak and remained low over the past three years.
Economic Bulletin , Issue Aug 28, 2019 , Pages 4

Briefing
What Survey Measures of Inflation Expectations Tell Us

Throughout this period of high inflation, people have wondered when inflation will return to the FOMC's longer-run target of 2 percent. Many models and surveys on inflation expectations exist to help answer this question. In this Economic Brief, we explore the accuracy of these measures of inflation expectations and what information can be obtained from them. While we find these popular sources of inflation are historically inaccurate, they can still gather valuable information, such as people's confidence in the ability of the Fed to get inflation back to target.
Richmond Fed Economic Brief , Volume 23 , Issue 03

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