NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Does It Matter If Statistical Agencies Frame the Month's CPI Reporton a 1-Month or 12-month Basis?

Jeffrey A. Frankel, Ayako Saiki

NBER Working Paper No. 23754
Issued in August 2017
NBER Program(s):AP, EFG, IFM, ME

When the US Bureau of Labor Statistics releases new numbers, in theory it should make no difference whether the press release emphasizes the most recent 1-month number, which is what it always does, or the 12-month number, as many other countries’ statistical agencies do. This paper offers the hypothesis that it does matter: Markets react to CPI inflation news via whichever framing the agency has adopted.

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Document Object Identifier (DOI): 10.3386/w23754

 
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