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The housing drag on core inflation

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Abstract

Some analysts have raised the question of whether the unprecedented declines in house values, which have been the hallmark of the recent recession, might be artificially dampening core inflation readings. However, a close examination of recent inflation data shows that the weakness in housing costs is representative of a broad pattern of subdued price increases across most consumption goods and services and is not distorting the broad downward trend in core inflation measures.

Suggested Citation

  • Stefano Eusepi & Bart Hobijn & Andrea Tambalotti, 2010. "The housing drag on core inflation," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue apr5.
    • Handle: RePEc:fip:fedfel:y:2010:i:apr5:n:2010-11
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    File URL: http://www.frbsf.org/publications/economics/letter/2010/el2010-11.pdf
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    Cited by:

    1. James H. Stock & Mark W. Watson, 2010. "Modeling inflation after the crisis," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 173-220.
    2. Janet L. Yellen, 2010. "The outlook for the economy," Speech 81, Federal Reserve Bank of San Francisco.
    3. Marlene Amstad & Simon M. Potter & Robert W. Rich, 2014. "The FRBNY staff underlying inflation gauge: UIG," Staff Reports 672, Federal Reserve Bank of New York.

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