Secular Stagnation or Secular Deflation?


Secular Stagnation or Secular Deflation?

Measurement Series

Tuesday 8 October 2019, 16:30 — 18:15

We see rapid declines in prices of key products throughout the economy, but we do not see these price declines reflected in aggregate measures of inflation or in productivity growth. Relaunching our Measurement in the Modern Economy series, Ana Aizcorbe of the U.S. BEA and Leonard Nakamura of the Federal Reserve Bank of Philadelphia debate these issues and consider how mismeasurement might contribute to this picture.

This ESCoE event will take place at the National Institute of Economic and Social Research (NIESR), 2 Dean Trench Street, SW1P 3HE


16:00 Registration
16:30 Introductions by Rebecca Riley, ESCoE and NIESR
16:35 Presentations

Getting Smart About Phones: New Price Indexes and the Allocation of Spending Between Devices and Services Plans in Personal Consumption Expenditures
by Ana Aizcorbe, U.S. Bureau of Economic Analysis, (with David M. Byrne and Daniel E. Sichel)

Evidence for Growth Acceleration and Price Deflation in the US
by Leonard Nakamura, Federal Reserve Bank of Philadelphia

17:35 Discussion
18:15 Drinks Reception

Ana Aizcorbe

Video Recording

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