(1) (2) (3) (4) (5) (6) VARIABLES LABELS CPI inflation Core CPI inflation Services CPI inflation Services CPI excluding shelter inflation Services CPI excluding shelter inflation Services CPI excluding shelter inflation ur Unemployment rate -0.394*** -0.379*** -0.445*** -0.111 0.119* -0.187** [0.066] [0.052] [0.063] [0.080] [0.061] [0.090] pic Core CPI inflation lpih First lag -0.214*** [0.040] lpic First lag 0.105*** [0.034] lpis First lag 0.156*** [0.041] lpisxr First lag -0.043 0.089* 0.019 [0.032] [0.048] [0.046] epi 1 year ahead inflation expectations 1.948*** 0.225 0.828*** 2.000*** 1.596*** 2.590*** [0.142] [0.141] [0.189] [0.306] [0.160] [0.445] Observations 1,525 1,525 1,525 1,525 965 965 R-squared 0.547 0.487 0.481 0.406 0.326 0.412 Metro area FE Yes Yes Yes Yes Yes Yes Year FE Yes Yes Yes Yes No Yes Seasonal dummies Yes Yes Yes Yes Yes Yes Sample 1990-2017 1990-2017 1990-2017 1990-2017 1990-2007 1990-2007 Robust standard errors in brackets *** p<0.01, ** p<0.05, * p<0.1