Browsing Volumen 45 Número 89 (2022) by Title

Now showing items 1-8 of 8

    • Flexible Average Inflation Targeting: How Much Is U.S. Monetary Policy Changing? 

      Coulter, Jarod; Duncan, Roberto; Martínez-García, Enrique (Pontificia Universidad Católica del PerúPE, 2022-08-01)
      One major outcome of the Federal Reserve’s 2019–20 framework review was the adoption of a Flexible Average Inflation Targeting (FAIT) strategy in August 2020. Using synthetic control methods, we document that U.S. inflation ...

    • Implications of Endogenous Money Growth for Some Tests of Superneutrality and the Fisher Effect 

      Keating, John W. (Pontificia Universidad Católica del PerúPE, 2022-08-01)
      Superneutrality of money and the Fisher Effect are well-known theoretical propositions. Empirical tests of long-run versions of these hypotheses have sometimes been done by estimating how a variable responds to a permanent ...

    • Is it Time to Reassess the Focal Role of Core PCE Inflation in Assessing the Trend in PCE Inflation? 

      Verbrugge, Randal (Pontificia Universidad Católica del PerúPE, 2022-08-01)
      “Core” PCE inflation—that is, inflation in PCE-ex-food-and-energy—is widely used as an estimate of trend inflation. But it is long overdue for replacement. The original rationale of core inflation was to remove volatile ...

    • Low Inflation Bends the Phillips Curve around the World 

      Forbes, Kristin J.; Gagnon, Joseph E.; Collins, Christopher G. (Pontificia Universidad Católica del PerúPE, 2022-08-01)
      This paper finds strong support for a Phillips curve that becomes nonlinear when inflation is “low”—which our baseline model defines as less than 3 percent. The nonlinear curve is steep when output is above potential (slack ...

    • A Power Booster Factor for Out-of-Sample Tests of Predictability 

      Pincheira Brown, Pablo (Pontificia Universidad Católica del PerúPE, 2022-08-01)
      In this paper we introduce a “power booster factor” for out-of-sample tests of predictability. The relevant econometric environment is one in which the econometrician wants to compare the population Mean Squared Prediction ...

    • Presentation 

      Duncan, Roberto; Martínez-García, Enrique (Pontificia Universidad Católica del PerúPE, 2022-08-01)

    • Searching for the Best Inflation Forecasters within an Employment Survey: Microdata Evidence from Chile 

      Medel, Carlos A. (Pontificia Universidad Católica del PerúPE, 2022-08-01)
      This article aims to evaluate quantitative inflation forecasts for the Chilean economy, taking advantage of a specific survey of consumer perceptions at the individual microdata level, which, at the same time, is linked ...

    • Some Long-Run Correlations of Inflation in Developed Countries 

      West, Kenneth D.; Cao, Tu (Pontificia Universidad Católica del PerúPE, 2022-08-01)
      Using 100+ years of data from 18 developed countries, we use a frequency domain technique to compute “long-run” correlations between inflation on the one hand and money growth and nominal interest rates on the other. The ...