Although there is no one widely agreed-upon method of measuring underlying inflation, one statistical approach that has received attention in recent years captures the idea that underlying inflation responds to the  12 For a discussion of cyclical and acyclical inflation, see Tim Mahedy and Adam Shapiro (2017), “What’s Down with Inflation?” FRBSF Economic Letter 2017-35 (San Francisco: Federal Reserve Bank of San Francisco, November), https://www.frbsf.org/economic-research/files/el2017-35.pdf.
Board of Governors of the Federal Reserve System (2022). “Federal Reserve Board Invites Public Comment on Proposed Principles Providing a High-Level Framework for the Safe and Sound Management of Exposures to Climate-Related Financial Risks for Large Banking Organizations,” press release, December 2, https://www.federalreserve.gov/newsevents/pressreleases/other20221202b.htm. Crowe, Christopher, and Ellen E. Meade (2008). “Central Bank Independence and Transparency: Evolution and Effectiveness,” European Journal of Political Economy, vol.