Weder, Mark; Doko Tchatokay, Firmin; Groshenny, Nicolas; … - 2016
empirical inflation series in the estimation. When using CPI or PCE, we find some support for the view that the Federal Reserve …'s policy was extra easy and may have led to equilibrium indeterminacy. Instead, when measuring inflation with core PCE … that inflation in the model is measured by a single indicator. We re-formulate the artificial economy as a factor model …