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Keywords:Inflation 

Working Paper
Monitoring Money for Price Stability

In this paper, we use a simple model of money demand to characterize the behavior of monetary aggregates in the United States from 1960 to 2016. We argue that the demand for the currency component of the monetary base has been remarkably stable during this period. We use the model to make projections of the nominal quantity of cash in circulation under alternative future paths for the federal funds rate. Our calculations suggest that if the federal funds rate is lifted up as suggested by the survey of economic projections made by the members of the Federal Open Market Committee (FOMC), the ...
Working Papers , Paper 744

Speech
Perspectives on the Economic Outlook and Monetary Policy. University of Pittsburgh Joseph M. Katz Graduate School of Business and Deloitte LLP, Pittsburgh, PA

Let me begin by thanking Dean Arjang Assad of the Katz Graduate School of Business and Dmitri Shiry of Deloitte for inviting me to speak with you this evening. Dmitri performs important public service as a member of the board of directors of the Cleveland Fed?s Pittsburgh Branch, and it just so happens that this building formerly housed our branch. The regional nature of the Federal Reserve has served the country well for more than 100 years. It allows monetary policy decisions to take into account the diversity of the American economy and its people and helps ensure that those decisions ...
Speech , Paper 97

Working Paper
Forecasting US Inflation in Real Time

We perform a real-time forecasting exercise for US inflation, investigating whether and how additional information--additional macroeconomic variables, expert judgment, or forecast combination--can improve forecast accuracy and robustness. In our analysis we consider the pre-pandemic period including the Global Financial Crisis and the following expansion--the longest on record--featuring unemployment that fell to a rate not seen for nearly sixty years. Distinguishing features of our study include the use of published Federal Reserve Board staff forecasts contained in Tealbooks and a focus on ...
Finance and Economics Discussion Series , Paper 2021-014

Working Paper
Bad Jobs and Low Inflation

We study a model in which firms compete to retain and attract workers searching on the job. A drop in the rate of on-the-job search makes such wage competition less likely, reducing expected labor costs and lowering inflation. This model explains why inflation has remained subdued over the last decade, which is a conundrum for general equilibrium models and Phillips curves. Key to this success is the observed slowdown in the recovery of the employment-to-employment transition rate in the last five years, which is interpreted by the model as a decline in the share of employed workers searching ...
Working Paper Series , Paper WP 2020-09

Room to Grow? Inflation and Labor Market Slack

Compared with the usual ex-food-and-energy measure, the Dallas Fed’s Trimmed Mean PCE inflation rate sends a clearer, more reliable signal about whether cyclical inflation pressures are building.
Dallas Fed Economics

Journal Article
Why Has Inflation Persistence Declined?

Macro Bulletin

Fed’s New Inflation Targeting Policy Seeks to Maintain Well-Anchored Expectations

The Fed’s evolving understanding of the economy and its reassessment of the natural rate of interest have led to arguably the most significant policy change since 2012.
Dallas Fed Economics

Journal Article
How Does a Rise in International Shipping Costs Affect U.S. Inflation?

Trenton Herriford, Elizabeth M. Johnson, Nicholas Sly, and A. Lee Smith find that an increase in ocean shipping costs leads to a modest boost in core inflation after one year.
Macro Bulletin

Working Paper
Domestic Policies and Sovereign Default

This paper incorporates fiscal and monetary policies into a model of sovereign default. In addition to the standard present-bias vs default-risk tradeoff faced by governments when choosing debt, distortionary policy instruments introduce an intertemporal tradeoff, which may mitigate or exacerbate the incentives to accumulate debt. Taxation, the money growth rate and currency depreciation all increase with the level of debt. The model reproduces standard business cycle statistics, the response of spreads, inflation and growth to terms-of-trade shocks, and the cyclical properties of fiscal and ...
Working Papers , Paper 2020-017

Surging House Prices Expected to Propel Rent Increases, Push Up Inflation

The inflation rates of rent and owners’ equivalent rent (OER)—the amount of rent equivalent to the cost of ownership—have declined sharply since the COVID-19 pandemic began in February 2020. However, we expect rent inflation and OER inflation to accelerate in the years to come.
Dallas Fed Economics

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