Time Variation in the Inflation Passthrough of Energy Prices
基于允许系数漂移和随机波动的贝叶斯向量自回归模型，发现美国核心通胀对能源价格变化的响应自1975年左右迅速下降并持续低迷，即使能源通胀波动加剧和货币政策反应减弱也未改变。
From Bayesian estimates of a vector autoregression that allows for both coefficient drift and stochastic volatility, we obtain the following three results. First, beginning in approximately 1975, the responsiveness of core inflation to changes in energy prices in the United States fell rapidly and remains muted. Second, this decline in the passthrough of energy inflation to core prices has been sustained through a recent period of markedly higher volatility of shocks to energy inflation. Finally, reduced energy inflation passthrough has persisted in the face of monetary policy that became less responsive to energy inflation starting around 1985.