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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
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U.S. Economy
Trimmed Mean PCE Inflation rate
The Trimmed Mean PCE inflation rate over the 12 months ending in April was 4.8 percent.
May 26, 2023
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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
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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
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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
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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
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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
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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
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Research Department Working Papers
Dynamic Identification Using System Projections and Instrumental Variables
This paper proposes System Projections on Instrumental Variables (SP-IV) to estimate dynamic structural relationships using impulse responses obtained from local projections or vector autoregressions.
January 09, 2023
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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