Figure C

Inflation rates the year before, during, and after persistent large output gaps (PLOGs)

Note: 1970s episode runs from 1974:3 to 1976:4, 1980s episode from 1981:4 to 1983:4, and 2000s episode began in 2008:4 and is currently ongoing.

Source: Author's analysis of core CPI-U from Bureau of Labor Statistics (inflation and prices programs). PLOG episodes identified by Maier (2010).

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