Relative Goods' Prices, Pure Inflation, and The Phillips Correlation
利用动态因子模型将1959年以来美国消费品价格季度变化分解为三个独立成分：异质性相对价格变化、总相对价格变化指数和等比例变化指数（纯通胀），并分析各成分对通胀波动性的贡献及其与货币政策、菲利普斯相关性的关系。
This paper uses a dynamic factor model for the quarterly changes in consumption goods' prices in the United States since 1959 to separate them into three independent components: idiosyncratic relative-price changes, a low-dimensional index of aggregate relative-price changes, and an index of equiproportional changes in all inflation rates that we label “pure” inflation. We use the estimates to answer two questions. First, what share of the variability of inflation is associated with each component, and how are they related to conventional measures of monetary policy and relative-price shocks? Second, what drives the Phillips correlation between inflation and measures of real activity?