The new Keynesian Phillips curve (NKPC) has become central to monetary theory and policy. A seemingly benign NKPC prediction is that trend shocks dominate price level fluctuations at all forecast horizons. Since the NKPC cycle of the U.S. GDP deflator peaks at each of the last seven NBER dated...

Distribution-free techniques of statistical inference are developed for the cumulative coefficients of variation of an income distribution, thus allowing one to test for inequality dominance when Lorenz curves cross. The full covariance structure of the cumulative sample means and variances is...