Measurement error in historical data distorts descriptive analyses based on binary classifications. Modern replications … of deficiencies in retrospective CPI estimates for the 19th century show that measurement issues cause misclassification …. Using various approaches to control for measurement error in 19th century US CPI data, a series of stylized facts emerge: (i …

. Replications based on modern data show that measurement problems spuriously increase the volatility of inflation as well as the …I study the link between real activity and deflation, taking into account measurement problems in 19th century CPI data … number of deflationary episodes, and they lower inflation persistence. As a consequence, estimates of the link between real …

, we show that an inflation bias as well as a deflationary bias exist as a steady-state outcome. We assess the predictions … inflation and deflationary biases in inflation expectations. In a model with an occasionally binding zero-lower-bound constraint … of this model using unique individual-level inflation expectations data across nine countries that allow for a direct …