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Anchored or Not: A Short Summary of a Bayesian Approach to the Persistence of Inflation

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Abstract
Consumer price inflation in the United States, as measured by the Consumer Price Index, jumped to just above 7 percent in the twelve months ending in December 2021. Inflation in 2021 reached the highest level seen since the early 1980s. The jump in inflation outside of the range experienced over several decades has raised questions regarding the speed with which, or the degree to which, inflation may return to the 2-percent range consistent with the Federal Reserve's inflation objective.

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  • Michael T. Kiley, 2022. "Anchored or Not: A Short Summary of a Bayesian Approach to the Persistence of Inflation," FEDS Notes 2022-04-08, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2022-04-08
    DOI: 10.17016/2380-7172.3049
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/anchored-or-not-a-short-summary-of-a-bayesian-approach-to-the-persistence-of-inflation-20220408.htm
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