Inflation, May 2022

Month-on-month indicators down, particularly core PCE: Figure 1: Month-on-month CPI inflation (blue), PCE inflation (black). NBER defined peak-to-trough recession dates shaded gray. Source: BLS and BEA, and author’s calculations. Figure…

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Reminders: Don’t Accuse People of Manipulating the Data before Figuring Out What Has Been Done, and Other Helpful Hints for Not Losing All Credibility

Some additional notes for my students: Why I try to understand where the data come from before accusing people of distorting or hiding data Why I don’t a priori accuse…

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Inflation in May

Month-on-month vs year-on-year, and headline, chained, sticky price, 16% trimmed, and (for April) PCE deflator. First, remember the distinction between m/m (which is more informative regarding contemporaneous conditions), and y/y…

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Guest Contribution: “The Price of Property Rights: Institutions, Finance, and Economic Growth”

Today, we are pleased to present a guest contribution written by Ron Alquist (Senior Economist and Policy Advisor, Financial Stability Oversight Council), Benjamin R. Chabot (Knowledge Leader, Federal Reserve Bank…

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