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Does It Matter If Statistical Agencies Frame the Month’s CPI Reporton a 1-Month or 12-month Basis?

Jeffrey Frankel () and Ayako Saiki

No 23754, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: When the US Bureau of Labor Statistics releases new numbers, in theory it should make no difference whether the press release emphasizes the most recent 1-month number, which is what it always does, or the 12-month number, as many other countries’ statistical agencies do. This paper offers the hypothesis that it does matter: Markets react to CPI inflation news via whichever framing the agency has adopted.

JEL-codes: E44 E7 F3 G15 G4 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac
Date: 2017-08
Note: AP EFG IFM ME
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Working Paper: Does It Matter If Statistical Agencies Frame the Month's CPI Report on a 1-Month or 12-Month Basis? (2016) Downloads
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