This is the first Research Rap – Special Report. This occasional publication will present new research by staff members of the Federal Reserve Bank of Philadelphia’s Research Department. Regular editions of Research Rap will continue to present abstracts of staff members ’ working papers

K. Khettry

Loretta J. Mester

N. Neil

Among the most highly anticipated economic indicators released each month is the consumer price index (CPI), which measures the prices paid by urban consumers for a representative basket of goods and services.2 As discussed in Blinder and Reis (2005), one of the innovations of the Greenspan era was a shift in focus for monetary policymakers and the markets from so-called headline, or total

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Core Inflation as a Predictor of Total Inflation1

http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.417.148

Core Inflation as a Predictor of Total Inflation 1

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