Over the last couple years, the world has experienced the highest levels of inflation in more
than four decades. This paper provides a framework for analyzing the causes and the …

We study the joint evolution of prices and rents of residential property. After constructing rent
and price indices for renter-and owner-occupied properties, we decompose the change in …

Shelter (housing) costs constitute a large component of price indexes, including 42 percent
of the widely followed core Consumer Price Index (CPI). The shelter prices measured in the …

We implement a novel nonlinear structural model featuring an empirically successful
frequency‐dependent and asymmetric Phillips curve; unemployment frequency components …

Inflation remains high, and it is critical to understand the components of inflation. Inflation in
core goods has declined over much of the past year. Inflation in housing services remains …

Shelter inflation has remained high even as other components of inflation have fallen.
However, various market indicators, including house prices and rents, suggest that the …

Abstract The Federal Reserve currently faces a “last-mile” problem in bringing inflation back
to its 2 percent target. Following the series of federal funds rate hikes that began in March …

New-tenant rent inflation rose sharply during the COVID-19 pandemic, subsequently falling.
Concomitantly, consumer price index (CPI) tenant rent, which measures rent increases for …

Declining mobility means that continuing-tenant rents are increasingly important for CPI
shelter inflation. However, relatively little is known about them. Using the microdata that …

Rent inflation responds more to labor market conditions compared with other components of
inflation. We attribute this link between labor market tightness and rent inflation to greater …