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040 |aCaOODSP|beng|erda|cCaOODSP
043 |an-us---|an-cn---|au-at---
045 |ax6y2
0861 |aFB3-5/2020-45E-PDF
1001 |aEo, Yunjong, |eauthor.
24510|aUnderstanding trend inflation through the lens of the goods and services sectors / |cby Yunjong Eo, Luis Uzeda and Benjamin Wong.
264 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020.
264 4|c©2020
300 |a1 online resource (ii, 34, 38 pages) : |billustrations (chiefly colour).
336 |atext|btxt|2rdacontent
337 |acomputer|bc|2rdamedia
338 |aonline resource|bcr|2rdacarrier
4901 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-45
500 |a"Last updated: November 3, 2020."
504 |aIncludes bibliographical references.
5203 |a"We distinguish between the goods and services sectors in an otherwise standard unobserved components model of US inflation. Our main finding is that, while both sectors used to contribute to the overall variation in aggregate trend inflation, since the 1990s this variation has been driven almost entirely by the services sector. Two changes in sector-specific inflation dynamics are responsible for this finding: (i) a large fall in the variance of trend goods inflation; and (ii) the disappearance of comovement between trend goods and trend services inflation. Extensions to our baseline analysis by excluding energy prices and decomposing trend inflation into a common and a relative price component suggest a possible role of monetary policy in explaining our empirical findings. We also document similar changes in inflation dynamics internationally when extending our analysis to Australia and Canada"--Abstract, page ii.
650 0|aInflation (Finance)|zUnited States|xEconometric models.
650 0|aInflation (Finance)|zCanada|xEconometric models.
650 0|aInflation (Finance)|zAustralia|xEconometric models.
650 0|aMonetary policy|zUnited States|xEconometric models.
650 0|aMonetary policy|zCanada|xEconometric models.
650 0|aMonetary policy|zAustralia|xEconometric models.
650 6|aInflation|zÉtats-Unis|xModèles économétriques.
650 6|aInflation|zCanada|xModèles économétriques.
650 6|aInflation|zAustralie|xModèles économétriques.
650 6|aPolitique monétaire|zÉtats-Unis|xModèles économétriques.
650 6|aPolitique monétaire|zCanada|xModèles économétriques.
650 6|aPolitique monétaire|zAustralie|xModèles économétriques.
7102 |aBank of Canada, |eissuing body.
830#0|aStaff working paper (Bank of Canada)|v2020-45.|w(CaOODSP)9.806221
85640|qPDF|s1.44 MB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-45-eng.pdf