Trimmed Mean PCE Inflation Rate
Behind the numbers: PCE inflation update, April 2023
The headline, or all-items, PCE price index rose an annualized 4.5 percent in April after increasing an annualized 1.2 percent in March.
May 26, 2023
Research Department Working Papers
Money Matters: Broad Divisia Money and the Recovery of Nominal GDP from the COVID-19 Recession
The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth because past instability in the demand for simple-sum monetary aggregates had made these aggregates unreliable indicators. This paper finds that the demand for more theoretically-based Divisia aggregates can be modeled and that their growth rates provide useful information for future nominal GDP growth.
May 25, 2023
Trimmed Mean PCE Inflation Rate
Behind the numbers: PCE inflation update, March 2023
The headline, or all-items, PCE price index rose an annualized0.9 percent in March after increasing an annualized 3.7 percent in February.
May 05, 2023
Texas’ cheap housing edge slipping away as resilient demand outpaces supply
Housing affordability has declined in Texas, a top destination for domestic and international migrants drawn by its historically low cost of living.
April 21, 2023
Trimmed Mean PCE Inflation Rate
Behind the numbers: PCE inflation update, February 2023
The headline, or all-items, PCE price index rose an annualized 3.2 percent in February after increasing an annualized 7.1 percent in January.
March 31, 2023
Trimmed Mean PCE Inflation Rate
Behind the numbers: PCE inflation update, January 2023
The headline, or all-items, PCE price index rose an annualized 7.7 percent in January after increasing an annualized 2.4 percent in December.
February 24, 2023
Trimmed Mean PCE Inflation Rate
Behind the numbers: PCE inflation update, December 2022
The headline, or all-items, PCE price index rose an annualized 0.6 percent in December after increasing an annualized 1.2 percent in November.
February 03, 2023
Research Department Working Papers
Heterogeneity in the Pass-Through from Oil to Gasoline Prices: A New Instrument for Estimating the Price Elasticity of Gasoline Demand
This paper proposes a new instrument for estimating the price elasticity of gasoline demand that exploits systematic differences across U.S. states in the pass-through of oil price shocks to retail gasoline prices.
January 06, 2023
Existing low-rate mortgages blunt impact of recent rate surge
The prevalence of low-rate mortgages suggests that future policy rate cuts may not as effectively stimulate household spending through refinancing as during past recessions.
December 27, 2022
Trimmed Mean PCE Inflation Rate
Behind the Numbers: PCE Inflation Update, November 2022
The headline, or all-items, PCE price index rose an annualized 1.3 percent in November after increasing an annualized 4.6 percent in October.
December 23, 2022