Instantaneous, instantaneous core, and trimmed mean m/m.
Figure 1: Year-on-Year PCE inflation (bold black), instantaneous PCE inflation (blue), instantaneous core PCE inflation (green), and 16% trimmed mean PCE inflation, m/m AR (red). NBER defined peak-to-trough recession dates shaded gray. Instantaneous inflation setting T=12, a=4 per Eeckhout. Source: BEA, Dallas Fed, NBER, and author’s calculations.
