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Inflation: Why So Low For So Long

In: Economics Gone Astray

Author

Listed:
  • Blu Putnam
  • Erik Norland

Abstract

US inflation has been subdued for well over two decades, as in all the major, mature industrial economies. This is not a recent phenomenon, and is not due to the lagged impact of the 2008 financial panic. Indeed, whether measured by the consumer price index (CPI) or the Federal Reserve’s (Fed’s) favorite personal consumption price deflator (PCE), core inflation, which excludes the more volatile food and energy categories, has been stuck in a 1% to 3% range in the US since 1994 and into 2018…

Suggested Citation

  • Blu Putnam & Erik Norland, 2019. "Inflation: Why So Low For So Long," World Scientific Book Chapters, in: Economics Gone Astray, chapter 1, pages 1-11, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9781944659592_0001
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    More about this item

    Keywords

    Economics; Macroeconomics; Monetary Policy; Fiscal Policy; Inflation; Risk Management; Federal Reserve; Quantitative Easing; Taylor Rule;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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