Understanding Trend Inflation Through the Lens of the Goods and Services Sectors

Yunjong Eo, Luis Uzeda & Benjamin Wong
Monetary policy is largely concerned with managing the part of inflation that is persistent (or permanent), a quantity often referred to as trend inflation. For example, a casual reading of any monetary policy report from the Federal Reserve Board will make it clear that, in addition to total (or headline) inflation, the Federal Reserve also focuses on underlying (or core) measures of inflation that exclude more volatile components such as food and energy prices. This...
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