Was There a Great Moderation for Inflation Volatility?
Alan Detmeister and
No 2017-06-29, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)
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.
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