{"title":"为什么整体个人消费支出和中位数个人消费支出通胀差距如此之大?","authors":"Daniel R. Carroll, Ross Cohen-Kristiansen","doi":"10.26509/FRBC-EC-202024","DOIUrl":null,"url":null,"abstract":"Mean (or headline) PCE inflation has typically fallen below median PCE inflation, and since 2012 the difference has been large. To understand the reasons for this trend, we investigate which components of the headline measure are contributing to the difference. We find that energy components, which frequently undergo wide price swings, and electronics, which have been steadily decreasing in price for decades, explain most of the difference between the two inflation measures. We argue that the outsized impacts of such components on headline PCE inflation reinforce the need for policymakers","PeriodicalId":313912,"journal":{"name":"Economic Commentary (Federal Reserve Bank of Cleveland)","volume":"51 6 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Why Are Headline PCE and Median PCE Inflations So Far Apart?\",\"authors\":\"Daniel R. Carroll, Ross Cohen-Kristiansen\",\"doi\":\"10.26509/FRBC-EC-202024\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Mean (or headline) PCE inflation has typically fallen below median PCE inflation, and since 2012 the difference has been large. To understand the reasons for this trend, we investigate which components of the headline measure are contributing to the difference. We find that energy components, which frequently undergo wide price swings, and electronics, which have been steadily decreasing in price for decades, explain most of the difference between the two inflation measures. We argue that the outsized impacts of such components on headline PCE inflation reinforce the need for policymakers\",\"PeriodicalId\":313912,\"journal\":{\"name\":\"Economic Commentary (Federal Reserve Bank of Cleveland)\",\"volume\":\"51 6 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-10-02\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic Commentary (Federal Reserve Bank of Cleveland)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.26509/FRBC-EC-202024\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Commentary (Federal Reserve Bank of Cleveland)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.26509/FRBC-EC-202024","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Why Are Headline PCE and Median PCE Inflations So Far Apart?
Mean (or headline) PCE inflation has typically fallen below median PCE inflation, and since 2012 the difference has been large. To understand the reasons for this trend, we investigate which components of the headline measure are contributing to the difference. We find that energy components, which frequently undergo wide price swings, and electronics, which have been steadily decreasing in price for decades, explain most of the difference between the two inflation measures. We argue that the outsized impacts of such components on headline PCE inflation reinforce the need for policymakers
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