Inflation Dynamics and the Great Recession
---- Acknowledgements -----
This is a revised version of a paper that was prepared for the March 2011 Brookings Panel on Economic Activity. We are grateful for excellent research assistance from Indra Astrayuda, Kue Peng Chuah, Xu Lu, Prathi Seneviratne, and Hou Wang, and for suggestions from the editors, Karen Dynan, Jon Faust, Robert Gordon, Jeremy Rudd, James Stock, Eric Swanson, Jonathan Wright, and participants at the Brookings Panel. We are also very grateful to Brent Meyer for assistance with the Cleveland Fed's data on inflation. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.