NBER defined peak-to-trough recession dates shaded gray.
Based on Eeckhout, using a=4, T=12:
(Click on image to enlarge)
Figure 1: Instantaneous (a=4, T=12) CPI inflation (black), PPI (tan), PCE (green), following Eeckhout. NBER defined peak-to-trough recession dates shaded gray. Source: BLS, BEA via FRED, NBER, and author’s calculations.
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