I’m not quite sure why “Team Transitory” has lost its voice. Jerome Powell went to quite a bit of work to clarify (pdf) the biases of the CPI index. Much of the shelter component tracks the imputed rents of owned homes, which really have only the most tentative relevance to short term monetary trends, since no cash payments are involved. Even rent inflation for rented units is reported in the CPI with a lag because it is based on survey data of rent changes over a period of several months. Some Fed researchers have even been working on an alternative measure to counter
Are those Dementors supposed to be the idiot senators in your state who didn't vote for SB 1117? I don't even live in Arizona and I'm grumpy about that. However, I feel like the next few decades will result in real progress in the battle against local zoning. The fact that housing reform is even being discussed at the state level is an amazing thing. We have to drag the monsters of zoning into the daylight so we can kill them. I know I'm biased because I follow you and M. Nolan Gray and Emily Hamilton, but the small victories in Minnesota, Maine, and California are significant. We also need people at the Fed who can appreciate the policy errors of 2006 and recognize that we actually need to average 1.5 million housing starts a year.
Are those Dementors supposed to be the idiot senators in your state who didn't vote for SB 1117? I don't even live in Arizona and I'm grumpy about that. However, I feel like the next few decades will result in real progress in the battle against local zoning. The fact that housing reform is even being discussed at the state level is an amazing thing. We have to drag the monsters of zoning into the daylight so we can kill them. I know I'm biased because I follow you and M. Nolan Gray and Emily Hamilton, but the small victories in Minnesota, Maine, and California are significant. We also need people at the Fed who can appreciate the policy errors of 2006 and recognize that we actually need to average 1.5 million housing starts a year.
How is the cumulative divergence calculated?