Was There a Great Moderation for Inflation Volatility?

Alan Detmeister and Edward Hulseman

No 2017-06-29, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Most accounts of the "Great Moderation"--a decline in macroeconomic volatility in the decades prior to the Great Recession--focus on employment growth and GDP growth. In this note, we demonstrate that the decline in core inflation volatility at a monthly frequency is principally an artifact of data construction.

Date: 2017-06-29
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2017-06-29

DOI: 10.17016/2380-7172.2011

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