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Citation

Jeffrey A. Frankel

James W. Harpel Professor of Capital Formation and Growth

phone: (617)496-3834

fax: (617)496-5747

email: Jeffrey_Frankel@harvard.edu

faculty url: http://www.hks.harvard.edu/about/faculty-staff-directory/Jeffrey-Frankel

HKS Faculty Research Working Paper Series

Frankel, Jeffrey A., and Ayako Saiki. "Does It Matter If Statistical Agencies Frame the Month’s CPI Report on a 1-Month or 12-Month Basis?" HKS Faculty Research Working Paper Series RWP16-011, March 2016.

Abstract/Preview

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 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 chooses.

Attachment

pdf

Publication URL

http://www.nber.org/papers/w23754