Measuring U.S. Core Inflation: The Stress Test of COVID-19

IF 1.2 4区 经济学 Q3 BUSINESS, FINANCE
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-08 DOI:10.1111/infi.70011
Laurence Ball, Daniel Leigh, Prachi Mishra, Antonio Spilimbergo
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引用次数: 0

Abstract

Large price changes in industries affected by the COVID-19 crisis caused erratic fluctuations in the U.S. headline inflation rate. This paper compares alternative approaches to filtering out the transitory effects of these industry price changes and measuring the underlying or core level of inflation over 2020–2021, the height of the pandemic. The Federal Reserve's preferred measure of core, the inflation rate excluding food and energy prices, performed poorly over that period: it was almost as volatile as headline inflation. Measures of core that exclude a fixed set of additional industries, such as the Atlanta Fed's sticky-price inflation rate, were less volatile, but the least volatile were measures that filter out large price changes in any industry, such as the Cleveland Fed's median inflation rate and the Dallas Fed's trimmed mean inflation rate. These core measures followed smooth paths, drifting down when the economy was weak in 2020 and then rising as the economy rebounded.

衡量美国核心通胀:COVID-19的压力测试
受新冠肺炎危机影响的行业价格大幅波动,导致美国总体通胀率出现不稳定波动。本文比较了过滤这些行业价格变化的暂时影响并衡量2020-2021年(疫情最严重的时期)潜在或核心通胀水平的替代方法。美联储(Federal Reserve)偏爱的核心通胀率指标——剔除食品和能源价格的通胀率——在此期间表现不佳:几乎和总体通胀率一样不稳定。排除一系列固定的附加行业的核心指标波动性较小,如亚特兰大联邦储备银行的粘性价格通胀率,但波动性最小的是剔除任何行业较大价格变化的指标,如克利夫兰联邦储备银行的通胀中值和达拉斯联邦储备银行的修正后平均通胀率。这些核心指标走得很平稳,在2020年经济疲软时下降,然后在经济反弹时上升。
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来源期刊
CiteScore
2.50
自引率
8.30%
发文量
0
期刊介绍: International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.
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