Empirical estimates of changing inflation dynamics

  title={Empirical estimates of changing inflation dynamics},
  author={J. A. Fuhrer and Giovanni Olivei and Geoffrey M. B. Tootell},
  • J. A. Fuhrer, Giovanni Olivei, Geoffrey M. B. Tootell
  • Published 2009
This paper provides an array of empirical evidence bearing on potentially important changes in the dynamics of U.S. inflation. We examine the overall performance of Phillips curves relative to some well-known benchmarks, the efficiency with which the Federal Reserve’s Greenbook forecasts of inflation use real activity information, and shifts in the key determinants of the reduced-form “triangle model” of inflation. We develop a structural model-based interpretation of observed reduced-form… CONTINUE READING

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