Comparing Past and Present Inflation
نویسندگان
چکیده
Abstract There have been important methodological changes in the Consumer Price Index (CPI) over time. These distort comparisons of inflation from different periods, which become more prevalent as has risen to 40-year highs. To better contextualize current run-up inflation, this article constructs new historical series for CPI headline and core that are consistent with practices expenditure shares post-war period. Using these series, we find levels much closer past peaks than official would suggest. In particular, rate disinflation caused by Volcker-era policies is significantly lower when measured using today’s treatment housing: only 5 percentage points decline instead 11 statistics.
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ژورنال
عنوان ژورنال: Review of Finance
سال: 2022
ISSN: ['1875-824X', '1572-3097']
DOI: https://doi.org/10.1093/rof/rfac047