IDEAS home Printed from https://ideas.repec.org/a/fip/fedfel/y2010idec6n2010-36.html

The breadth of disinflation

Author

Listed:
  • Colin Gardiner
  • Bart Hobijn

Abstract

In recent months, inflation as measured by the personal consumption expenditures price index has been trending lower. This slowdown, known as disinflation, has raised concerns that inflation might actually drop below zero and enter a period of deflation. An examination of the distribution of inflation rates across the range of goods and services that compose the index suggests that downward pressures on inflation are relatively high by historical standards.

Suggested Citation

  • Colin Gardiner & Bart Hobijn, 2010. "The breadth of disinflation," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue dec6.
    • Handle: RePEc:fip:fedfel:y:2010:i:dec6:n:2010-36
    as

    Download full text from publisher

    File URL: http://www.frbsf.org/publications/economics/letter/2010/el2010-36.html
    Download Restriction: no
    File URL: http://www.frbsf.org/publications/economics/letter/2010/el2010-36.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Blanchard, Olivier J, 1984. "The Lucas Critique and the Volcker Deflation," American Economic Review, American Economic Association, vol. 74(2), pages 211-215, May.
    2. Ben S. Bernanke, 2002. "Deflation: making sure \"it\" doesn't happen here," Speech 530, Board of Governors of the Federal Reserve System (U.S.).
    3. James B. Bullard, 2013. "Seven Faces of \\"The Peril\\"," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 613-628.
    4. repec:fip:fedgsq:y:2002:i:nov21 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dennis Bonam & Gabriele Galati & Irma Hindrayanto & Marco Hoeberichts & Anna Samarina & Irina Stanga, 2019. "Inflation in the euro area since the Global Financial Crisis," DNB Occasional Studies 1703, Netherlands Central Bank, Research Department.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bok, Brandyn & Mertens, Thomas M. & Williams, John C., 2025. "Macroeconomic drivers and the pricing of uncertainty, inflation, and bonds," Journal of Financial Economics, Elsevier, vol. 172(C).
    2. El-Shagi, Makram & Jung, Alexander, 2015. "Does the Greenspan era provide evidence on leadership in the FOMC?," Journal of Macroeconomics, Elsevier, vol. 43(C), pages 173-190.
    3. Mr. Daniel Leigh, 2005. "Estimating the Implicit Inflation Target: An Application to U.S. Monetary Policy," IMF Working Papers 2005/077, International Monetary Fund.
    4. Driffill, John, 1988. "Macroeconomic policy games with incomplete information : A survey," European Economic Review, Elsevier, vol. 32(2-3), pages 533-541, March.
    5. Ben S. Bernanke & Mark Gertler & Mark Watson, 1997. "Systematic Monetary Policy and the Effects of Oil Price Shocks," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(1), pages 91-157.
    6. repec:osf:osfxxx:qxh46_v1 is not listed on IDEAS
    7. Johannes Groeneveld & Kees Koedijk & Clemens Kool, 1998. "Inflation Dynamics and Monetary Strategies: Evidence from Six Industrialized Countries," Open Economies Review, Springer, vol. 9(1), pages 21-38, January.
    8. Francesco Sergi, 2018. "DSGE Models and the Lucas Critique. A Historical Appraisal," Working Papers 20181806, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    9. Alexander Doser & Ricardo Nunes & Nikhil Rao & Viacheslav Sheremirov, 2023. "Inflation expectations and nonlinearities in the Phillips curve," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 38(4), pages 453-471, June.
    10. Aurelien Goutsmedt & Erich Pinzon-Fuchs & Matthieu Renault & Francesco Sergi, 2019. "Reacting to the Lucas Critique: The Keynesians' Replies," History of Political Economy, Duke University Press, vol. 51(3), pages 535-556, June.
    11. Benigno, Pierpaolo, 2015. "New-Keynesian economics: An AS–AD view," Research in Economics, Elsevier, vol. 69(4), pages 503-524.
    12. Eichengreen, Barry & Boltho, Andrea, 2008. "The Economic Impact of European Integration," CEPR Discussion Papers 6820, Centre for Economic Policy Research.
    13. Chan Guk Huh & Kevin J. Lansing, 1998. "Federal Reserve credibility and inflation scares," Economic Review, Federal Reserve Bank of San Francisco, pages 3-16.
    14. Robert Murphy, 2016. "Explaining the Recent Behavior of Inflation in the United States," EcoMod2016 9550, EcoMod.
    15. Michael D. Bordo & Christopher J. Erceg & Andrew T. Levin & Ryan Michaels, 2007. "Three great American disinflations," Proceedings, Federal Reserve Bank of San Francisco.
    16. Mateusz Machaj, 2016. "Can the Taylor Rule be a Good Guidance for Policy? The Case of 2001-2008 Real Estate Bubble," Prague Economic Papers, Prague University of Economics and Business, vol. 2016(4), pages 381-395.
    17. Belke, Ansgar, 2013. "Impact of a Low Interest Rate Environment - Global Liquidity Spillovers and the Search-for-yield," Ruhr Economic Papers 429, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    18. Frederic S. Mishkin, 1984. "The causes of inflation," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 1-32.
    19. Ben S. Bernanke & Vincent R. Reinhart, 2004. "Conducting Monetary Policy at Very Low Short-Term Interest Rates," American Economic Review, American Economic Association, vol. 94(2), pages 85-90, May.
    20. James Bullard, 2013. "EconomicDynamics Interviews James Bullard on policy and the academic world," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 14(2), November.
    21. J. Peter Ferderer, 1999. "The Credibility of the Federal Reserve's Monetary Targets," Macroeconomics 9903006, University Library of Munich, Germany.

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedfel:y:2010:i:dec6:n:2010-36. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Federal Reserve Bank of San Francisco Research Library (email available below). General contact details of provider: https://edirc.repec.org/data/frbsfus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.