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Journal Article
Why Has Inflation Persistence Declined?
Van Zandweghe, Willem; Kurozumi, Takushi (2018-04-11)
Macro Bulletin

Briefing
What Survey Measures of Inflation Expectations Tell Us
Mulloy, Conner; Henry, Erin; Sarte, Pierre-Daniel G. (2023-01)
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

Working Paper
Domestic Policies and Sovereign Default
Espino, Emilio; Sanchez, Juan M.; Martin, Fernando M.; Kozlowski, Julian (2022-05-23)
A model with two essential elements, sovereign default and distortionary fiscal and monetary policies, explains the interaction between sovereign debt, default risk and inflation in emerging countries. We derive conditions under which monetary policy is actively used to support fiscal policy and characterize the intertemporal tradeoffs that determine the choice of debt. We show that in response to adverse shocks to the terms of trade or productivity, governments reduce debt and deficits, and increase inflation and currency depreciation rates, matching the patterns observed in the data for ...
Working Papers , Paper 2020-017

Working Paper
Rising Market Concentration and the Decline of Food Price Shock Pass-Through to Core Inflation
Brown, Jason; Colton, Tousey (2019-06-13)
Using a vector autoregression that allows for time-varying parameters and stochastic volatility, we show that U.S. core inflation became 75 percent less responsive to shocks in food prices since the late 1970s. The decline in the pass-through of food price shocks to inflation is a result of a decline in both volatility and the persistence of food price changes in inflation. This decline in pass-through coincides with a period of increasing concentration in the food supply chain, especially among U.S. grocery retailers and distributors. We find that 60 percent of the variation in pass-through ...
Research Working Paper , Paper RWP 19-2

Journal Article
Opinion: Inflation and the Road Ahead for Research
Athreya, Kartik B. (2022-10)
While the Fed has never been a stranger to criticism, the criticism has been notable and specific during the past year. The subject: inflation. This is of course fully understandable. Memories remain fresh of last spring and summer, when annual inflation in "personal consumption expenditures" — which the Fed targets to grow at just 2 percent per year — reached 7 percent. Current inflation remains well above target.
Econ Focus , Volume 22 , Issue 4Q , Pages 32

Working Paper
Price Level Risk and Some Long-Run Implications of Alternative Monetary Policy Strategies
Clouse, James A. (2020-11-09)
This note focuses on the longer-run implications of alternative monetary policy strategies for the evolution of the price level. The analysis compares the properties of optimal policy in regimes ranging from pure inflation targeting (IT), to a form of weighted-average inflation targeting (WAIT), to pure price level targeting (PLT). Strategies such as WAIT and PLT tend to limit the downward drift in the path of the price level and also mitigate the uncertainty surrounding the expected path of the price level. The influence of alternative monetary policy strategies on the evolution of the price ...
Finance and Economics Discussion Series , Paper 2020-094

Working Paper
Trade Exposure and the Evolution of Inflation Dynamics
Gilchrist, Simon; Zakrajšek, Egon (2019-02)
The diminished sensitivity of inflation to changes in resource utilization that has been observed in many advanced economies over the past several decades is frequently linked to the increase in global economic integration. In this paper, we examine this "globalization" hypothesis using both aggregate U.S. data on measures of inflation and economic slack and a rich panel data set containing producer prices, wages, output, and employment at a narrowly defined industry level. Our results indicate that the rising exposure of the U.S. economy to international trade can indeed help explain a ...
Finance and Economics Discussion Series , Paper 2019-007

Journal Article
Understanding Hawks and Doves
Oksol, Amy; Kahn, George A. (2018-06-27)
How do hawks and doves on the Federal Open Market Committee differ in their views of appropriate monetary policy and their related projections for inflation and unemployment? We find that hawks project higher inflation despite building tighter policy paths into their projections. Doves project lower inflation despite having easier policy paths, although their projections are somewhat closer to the median. In addition, hawks see a steeper inflation-unemployment tradeoff than doves up to a one-year horizon.
Macro Bulletin , Issue June 27, 2018 , Pages 1-4

Global Perspectives: Banco de México’s Alejandro Díaz de León on COVID-19, Trade and Inflation Targeting
Wynne, Mark A. (2020-10-27)
Díaz de León and Dallas Fed President Robert S. Kaplan discussed COVID-19, the United States–Mexico–Canada Agreement (USMCA) and inflation targeting.
Dallas Fed Economics

Working Paper
Is Inflation Default? The Role of Information in Debt Crises
Bassetto, Marco; Galli, Carlo (2017-03-17)
We consider a two-period Bayesian trading game where in each period informed agents decide whether to buy an asset ("government debt") after observing an idiosyncratic signal about the prospects of default. While second-period buyers only need to forecast default, first-period buyers pass the asset to the new agents in the secondary market, and thus need to form beliefs about the price that will prevail at that stage. We provide conditions such that coarser information in the hands of second-period agents makes the price of debt more resilient to bad shocks not only in the last period, but ...
Working Paper Series , Paper WP-2017-6

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