Greenspan

[Brad De Long]

>Max Sawicky wrote:
>
>>This is the Fed line.  Problem for defenders of such a line
>>is, there is no evidence of inflation, not even the moderate
>>kind.
>
>Year-to-year CPI inflation:
>
>Feb 99: 1.7%
>Feb 00: 3.2%
>
>Doug

How about the last six months of the core CPI? 2.4% per year. How 
about the last six months of the PPI? 2.4% per year. How about the 
last six months of the core PPI? 1.8% per year. How about the last 
two quarters of the gross domestic purchases deflator? 2.0% per year.

If you are a senior Federal Reserve official, you can persuade 
yourself that inflation is accelerating. Otherwise it's not so easy 
to do so...

Brad DeLong