Replication data for: Relative Goods' Prices, Pure Inflation, and the Phillips Correlation

Principal Investigator(s): View help for Principal Investigator(s) Ricardo Reis; Mark W. Watson

Name	File Type	Size	Last Modified
._LBPUR.q58	application/octet-stream	4 KB	10/12/2019 04:54:PM
._LBPUR7.q58	application/octet-stream	4 KB	10/12/2019 04:54:PM
._P1GFOG3.q58	application/octet-stream	4 KB	10/12/2019 04:54:PM
._P1GFOG3.q58.bak	application/octet-stream	4 KB	10/12/2019 04:54:PM
._P1TDGG3.q58	application/octet-stream	4 KB	10/12/2019 04:55:PM
._P1TDGG3.q58.bak	application/octet-stream	4 KB	10/12/2019 04:55:PM
._P1TFDG3.q58	application/octet-stream	4 KB	10/12/2019 04:54:PM
._P1TFDG3.q58.bak	application/octet-stream	4 KB	10/12/2019 04:54:PM
._P1TNDG3.q58	application/octet-stream	4 KB	10/12/2019 04:54:PM
._P1TNDG3.q58.bak	application/octet-stream	4 KB	10/12/2019 04:54:PM

Project Description

Summary: This paper uses a dynamic factor model for the quarterly changes in consumption goods' prices in the United States since 1959 to separate them into three independent components: idiosyncratic relative-price changes, a low-dimensional index of aggregate relative-price changes, and an index of equiproportional changes in all inflation rates that we label "pure" inflation. We use the estimates to answer two questions. First, what share of the variability of inflation is associated with each component, and how are they related to conventional measures of monetary policy and relative-price shocks? Second, what drives the Phillips correlation between inflation and measures of real activity? (JEL E21, E23, E31, E52)

Scope of Project

JEL Classification:
      E21 Macroeconomics: Consumption; Saving; Wealth
      E23 Macroeconomics: Production
      E31 Price Level; Inflation; Deflation
      E52 Monetary Policy

Related Publications

Download this project

Published Versions

V1 [2019-10-12]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.