Bart Hobijn

Research

Federal Reserve Bank of Chicago

230 S La Salle St

Chicago, IL 60604, USA

 +1-312-322-8103

# bart.hobijn@barthobijn.net

 www.barthobijn.net

April 20, 2024

External webpages

Google

Scholar

Page with an overview of the citations to my research

IDEAS Page with a list of my publications, citations, and bibliographic information

Research Agenda

Overarching

Theme

As an applied macroeconomist I have worked on a wide range of topics. All these

topics fall under one overarching theme. All my research projects bring more

detailed data to bear to help us understand the patterns in the aggregate

measures, like GDP per capita, inﬂation, and the unemployment rate, that

are the focus of most macroeconomic models. In particular, my research agenda

covers three broad topics.

I. Labor

market

dynamics

How can we use existing data and construct new data to better understand the

dynamics of labor markets in the U.S. and around the world? How can these data be

applied to theoretical models of the labor market? This is important to understand

the cyclical behavior of the unemployment rate and wages, medium-run movements

in participation and the employment-to-population ratio, and workers’ life-time

career proﬁles.

II. Growth

and

technology

adoption

In countries with lower standards of living people tend to use older (outdated)

technologies. How far are countries behind the technological frontier? What part of

the diﬀerences in per capita GDP across countries do these technology adoption

lags account for? What is holding countries back? What is the cost to workers of

the introduction of new technologies and how do these costs slow down technology

adoption and economic development?

III. Price

setting and

inﬂation

How do the price-setting decisions of ﬁrms aﬀect the inﬂation rate that we measure?

How is inﬂation inﬂuenced by monetary policy decisions and by external shocks to

ﬁrms’ cost structures? How can we improve our measures of inﬂation to better

capture the introduction of new and better products?

Bart Hobijn, Research, April 20, 2024, Page 1 of 9

Publications, related ﬁles, and press coverage

Below is a list of publications and working papers. The publications are categorized

in three groups: academic publications, Federal Reserve publications, and other

publications. For each of the items in these lists, related press coverage and

replication and presentation ﬁles are included when available. This is an interactive

list. All titles are linked and so are all press references and paper-related ﬁles.

Academic publications

2024

Barlevy, Gadi et al. (2024). “The Shifting Reasons for Beveridge-Curve Shifts”. In:

Journal of Economic Perspectives Spring, pp. –.

Esfahani, Mehrdad, John G. Fernald, and Bart Hobijn (2024). “World Productivity:

1996 - 2014”. In: American Economic Journal: Macroeconomics forthcoming, pp. –.

Hobijn, Bart and Robert S. Kaplan (2024). “Occupational Switching During the

Second Industrial Revolution”. In: Economics Letters.

Potter, Tristan, Bart Hobijn, and Andre Kurmann (2024). “On the Ineﬃciency of

Non-Competes in Low-Wage Labor Markets”. In: Economica forthcoming, pp. –.

2022

Daly, Mary C. and Bart Hobijn (2022). “The Importance of the Part-Time and

Participation Margins for Real Wage Adjustment”. In: Journal of Money Credit and

Banking 54, pp. 89–111.

Press coverage: NY Times

Revised version of The intensive and extensive margins of real wage adjustment.

Hobijn, Bart and Ay¸seg¨ul

S¸

ahin (2022). “Maximum Employment and the Partic-

ipation Cycle”. In: Proceedings of the Jackson Hole Economic Symposium 2021,

pp. 273–372. Additional Materials: Presentation, Handout, Minilecture. Press coverage: Economist,

Reuters.

2021

Bonam, Dennis and Bart Hobijn (2021). “Generalized Stability of Monetary Unions

Under Regime Switching in Monetary and Fiscal Policies”. In: Journal of Money,

Credit and Banking 53.1, pp. 73–94.

Press coverage: AEA interview with Dennis.

Hobijn, Bart, Fernanda Nechio, and Adam Hale Shapiro (2021). “Using Brexit to

identify the nature of price rigidities”. In: Journal of International Economics 130,

p. 103448. issn: 0022-1996.

2020

Daly, Mary C., Bart Hobijn, and Joseph H. Pedtke (2020). “Labor market dynamics

and black–white earnings gaps”. In: Economics Letters 186, p. 108807. issn: 0165-

1765.

2019

Elsby, Michael et al. (2019). “Flow Origins of Labor Force Participation Fluctuations”.

In: American Economic Review (Papers and Proceedings) 109.5, pp. 461–464.

Additional ﬁles: Slides.

Hobijn, Bart and Fernanda Nechio (2019). “Sticker shocks: using VAT changes

to estimate upper-level elasticities of substitution”. In: Journal of the European

Economic Association 17.3, pp. 799–833.

Bart Hobijn, Research, April 20, 2024, Page 2 of 9

2017

Bosler, Canyon et al. (2017). “The Outlook for U.S. Labor-Quality Growth”. In:

Hulten, Charles and Valerie Ramey. Education, Skills, and Technical Change: Impli-

cations for Future U.S. GDP Growth. University of Chicago Press.

Press coverage: Fox Business.

Daly, Mary C. and Bart Hobijn (2017). “Composition and Aggregate Real Wage

Growth”. In: American Economic Review (Papers and Proceedings) 107.5, pp. 349–

52.

2016

Carrillo-Tudela, Carlos et al. (2016). “The extent and cyclicality of career changes:

Evidence for the U.K”. In: European Economic Review 84.C, pp. 18–41.

2015

Elsby, Michael W.L., Bart Hobijn, and Ay¸seg¨ul

S¸

ahin (2015). “On the importance

of the participation margin for labor market ﬂuctuations”. In: Journal of Monetary

Economics 72.C, pp. 64–82.

Additional Materials: Replication ﬁles.

Hale, Galina and Bart Hobijn (2015). “Share of Imports and Commodities in

Consumption and Investment in the United States”. In: Uncovering Value Added in

Trade: New Approaches to Analyzing Global Value Chains. World Scientiﬁc Book

Chapters. World Scientiﬁc Publishing Co. Pte. Ltd. Chap. 6, pp. 101–112.

2014

Daly, Mary C. and Bart Hobijn (2014). “Downward Nominal Wage Rigidities Bend

the Phillips Curve”. In: Journal of Money, Credit and Banking 46.S2, pp. 51–93.

Additional ﬁles: Slides, Replication ﬁles.

Press coverage: Krugman blog (1), Krugman blog (2), BusinessWeek, Economist , STL Post-

Dispatch, Wall Street Journal, Bloomberg, Washington Post, MSN, BusinessWeek, FD (Dutch),

Economist, WSJ (blog), NY Times (blog).

2013

Elsby, Michael, Bart Hobijn, and Ay¸seg¨ul

S¸

ahin (2013a). “The Decline of the U.S.

Labor Share”. In: Brookings Papers on Economic Activity 44.2 (Fall), pp. 1–63.

Additional ﬁles: Slides, Replication ﬁles

Press coverage: Bloomberg, Slate , Business Insider, Economist, U.S. News, Economist, Bloomberg,

WSJ (opinion), Economist, Bloomberg.

Elsby, Michael W. L., Bart Hobijn, and Ay¸seg¨ul

S¸

ahin (2013b). “Unemployment

Dynamics in the OECD”. In: The Review of Economics and Statistics 95.2, pp. 530–

548.

Hobijn, Bart and Ay¸seg¨ul

S¸

ahin (2013). “Beveridge Curve Shifts across Countries

since the Great Recession”. In: IMF Economic Review 61.4, pp. 566–600.

Additional ﬁles: Slides, Replication ﬁles

Press coverage: Financial Times.

Hobijn, Bart and Ay¸seg¨ul

S¸

ahin (Jan. 2013). “Firms And Flexibility”. In: Economic

Inquiry 51.1, pp. 922–940.

2012

Barnichon, Regis et al. (2012). “Which industries are shifting the Beveridge curve?”

In: Monthly Labor Review June 2012, pp. 25–37.

Daly, Mary C. et al. (2012a). “A Search and Matching Approach to Labor Markets:

Did the Natural Rate of Unemployment Rise?” In: Journal of Economic Perspectives

26.3, pp. 3–26.

Press coverage: WSJ (blog), Economist.

Bart Hobijn, Research, April 20, 2024, Page 3 of 9

2011

Comin, Diego and Bart Hobijn (2011). “Technology Diﬀusion and Postwar Growth”.

In: NBER Macroeconomics Annual 2010, Volume 25. NBER Chapters. National

Bureau of Economic Research, Inc, pp. 209–246.

Eusepi, Stefano, Bart Hobijn, and Andrea Tambalotti (2011). “CONDI: A Cost-of-

Nominal-Distortions Index”. In: American Economic Journal: Macroeconomics 3.3,

pp. 53–91. Additional ﬁles: Replication ﬁles.

W. L. Elsby, Michael et al. (Sept. 2011). “The Labor Market in the Great Reces-

sion—An Update to September 2011”. In: Brookings Papers on Economic Activity

Fall 2011, pp. 353–384.

Additional ﬁles: Slides, Replication ﬁles

Press coverage: Economist, Economist, NY Times (blog), Economist.

2010

Comin, Diego and Bart Hobijn (2010). “An Exploration of Technology Diﬀusion”.

In: American Economic Review 100.5, pp. 2031–2059.

Additional ﬁles: Online appendix, Replication ﬁles, Dataset

Press coverage: Economist.

Elsby, Michael W. L., Bart Hobijn, and Ay¸seg¨ul

S¸

ahin (2010). “The Labor Market

in the Great Recession”. In: Brookings Papers on Economic Activity 41.1 (Spring),

pp. 1–69.

Additional ﬁles: Replication ﬁles

Press coverage: Economist, Economist, Economist, Christian Science Monitor.

2009

Comin, Diego and Bart Hobijn (2009a). “Lobbies and Technology Diﬀusion”. In:

The Review of Economics and Statistics 91.2, pp. 229–244.

Hobijn, Bart and Ay¸seg¨ul

S¸

ahin (2009). “Job-ﬁnding and separation rates in the

OECD”. In: Economics Letters 104.3, pp. 107–111.

2008

Comin, Diego, Bart Hobijn, and Emilie Rovito (2008a). “Technology usage lags”.

In: Journal of Economic Growth 13.4, pp. 237–256.

Additional ﬁles: Replication ﬁles.

Comin, Diego, Bart Hobijn, and Emilie Rovito (2008b). “A new approach to

measuring technology with an application to the shape of the diﬀusion curves”. In:

The Journal of Technology Transfer 33.2, pp. 187–207.

2007

Bech, Morten L. and Bart Hobijn (2007). “Technology Diﬀusion within Central

Banking: The Case of Real-Time Gross Settlement”. In: International Journal of

Central Banking 3.3, pp. 147–181.

2006

Hobijn, Bart, Federico Ravenna, and Andrea Tambalotti (2006). “Menu Costs at

Work: Restaurant Prices and the Introduction of the Euro”. In: The Quarterly

Journal of Economics 121.3, pp. 1103–1131.

Additional ﬁles: Replication ﬁles.

2005

Hobijn, Bart and David Lagakos (2005). “Inﬂation Inequality In The United States”.

In: Review of Income and Wealth 51.4, pp. 581–606.

2004

Comin, Diego and Bart Hobijn (2004). “Cross-country technology adoption: making

the theories face the facts”. In: Journal of Monetary Economics (Carnegie-Rochester

Conference Series) 51.1, pp. 39–83.

Bart Hobijn, Research, April 20, 2024, Page 4 of 9

Hobijn, Bart, Philip Hans Franses, and Marius Ooms (2004). “Generalizations of

the KPSS-test for stationarity”. In: Statistica Neerlandica 58.4, pp. 483–502.

Additional ﬁles: Replication ﬁles.

2003

Benhabib, Jess and Bart Hobijn (2003). Another View of Investment: 40 Years

Later. In: Stiglitz, Joseph et al. Knowledge, Information and Expectations in Mod-

ern Macroeconomics: In Honor of Edmund S. Phelps. Princeton University Press:

Princeton, pp. 522–545.

2001

Boer, Paul de et al. (2001). Did Trade Liberalization Induce a Structural Break in

Imports of Manufactures in Turkey? In: R.Kulikowski, Z.Nahorski and J.W.Owsinski

(eds.) Modelling of Economic Transition Phenomena. University of Information

Technology and Management Press: Warsaw, pp. 198–219.

Hobijn, Bart and Philip Hans Franses (2001). “Are living standards converging?” In:

Structural Change and Economic Dynamics 12.2, pp. 171–200.

Hobijn, Bart and Boyan Jovanovic (2001). “The Information-Technology Revolution

and the Stock Market: Evidence”. In: American Economic Review 91.5, pp. 1203–

1220.

2000

Hobijn, Bart and Philip Hans Franses (2000). “Asymptotically perfect and relative

convergence of productivity”. In: Journal of Applied Econometrics 15.1, pp. 59–81.

Additional ﬁles: Replication ﬁles.

1998

Franses, Philip Hans and Bart Hobijn (1998). “Increasing seasonal variation; unit

roots versus shifts in mean and trend”. In: Applied Stochastic Models and Data

Analysis 14.3, pp. 255–261.

Additional ﬁles: Replication ﬁles.

1997

Franses, Philip Hans and Bart Hobijn (1997). “Critical values for unit root tests in

seasonal time series”. In: Journal of Applied Statistics 24.1, pp. 25–48.

Additional ﬁles: Replication ﬁles.

1996

Lesuis, Piet J. J. et al. (1996). “Structural Models of Factor Demands and Techno-

logical Change: An Empirical Assessment of Dynamic Adjustment Speciﬁcations for

Sectors of the Dutch Economy”. In: Economic Systems Research 8.4, pp. 341–360.

Federal Reserve publications

2023

Hobijn, Bart and Ay¸seg¨ul

S¸

ahin (2023). “Missing Workers and Missing Jobs Since

the Pandemic”. In: Chicago Fed - Economic Perspectives 2023-1, July.

Hobijn, Bart et al. (2023). “The Recent Steepening of Phillips Curves”. In: Chicago

Fed Letter 475.

2022

Hobijn, Bart (2022b). ““Great Resignations” Are Common During Fast Recoveries”.

In: FRBSF Economic Letter 2022.08, pp. 1–06.

Hobijn, Bart et al. (2022). “What Is Driving U.S. Inﬂation amid a Global Inﬂation

Surge?” In: Chicago Fed Letter 470.

2021

Gilchrist, Troy D. and Bart Hobijn (2021). “The Divergent Signals about Labor

Market Slack”. In: FRBSF Economic Letter 2021.25, pp. 01–05.

Press coverage: Bloomberg, Reuters.

Bart Hobijn, Research, April 20, 2024, Page 5 of 9

2020

Crust, Erin E., Mary C. Daly, and Bart Hobijn (2020). “The Illusion of Wage

Growth”. In: FRBSF Economic Letter 2020.26, pp. 01–05.

Press coverage: Bloomberg.

2019

Hale, Galina et al. (2019). “How Much Do We Spend on Imports?” In: FRBSF

Economic Letter 2019-01.

Press coverage: Washington Post, WSJ, LA Times.

Hobijn, Bart et al. (2019). “The Brexit Price Spike”. In: FRBSF Economic Letter

2019-20.

2017

Daly, Mary C., Bart Hobijn, and Joseph H. Pedtke (2017). “Disappointing Facts

about the Black-White Wage Gap”. In: FRBSF Economic Letter 2017-26.

Press coverage: Washington Post.

2016

Daly, Mary C., Bart Hobijn, and Benjamin Pyle (2016). “What’s up with Wage

Growth?” In: FRBSF Economic Letter 2016-7.

Press coverage: Bloomberg, Forbes , Bloomberg, Deseret News , Washington Post.

2015

Carrillo-Tudela, Carlos et al. (2015). “Majority of hires never report looking for a

job”. In: FRBSF Economic Letter 2015-10.

Press coverage: WSJ (blog).

Daly, Mary C. and Bart Hobijn (2015). “Why is wage growth so slow?” In: FRBSF

Economic Letter 2015-1.

Press coverage: Money , Bloomberg.

Hobijn, Bart and Alexander Nussbacher (2015). “The stimulative eﬀect of redistri-

bution”. In: FRBSF Economic Letter 2015-21.

Press coverage: WSJ (blog).

2014

Carrillo-Tudela, Carlos, Bart Hobijn, and Ludo Visschers (2014). “Career changes

decline during recessions”. In: FRBSF Economic Letter 2014-9.

Press coverage: Bloomberg.

Hobijn, Bart and Leila Bengali (2014). “The wage growth gap for recent college

grads”. In: FRBSF Economic Letter 2014-22.

Press coverage: LA Times, Vox, Reuters, Chicago Tribune, WSJ (blog), Sun-Sentinel.

2013

Daly, Mary C., Bart Hobijn, and Benjamin Bradshaw (2013). “Gauging the momen-

tum of the labor recovery”. In: FRBSF Economic Letter 2013-30.

Press coverage: BusinessWeek, Reuters, WSJ (blog).

Daly, Mary C., Bart Hobijn, and Timothy Ni (2013). “The path of wage growth

and unemployment”. In: FRBSF Economic Letter 2013-20.

Press coverage: Bloomberg.

2012

Daly, Mary C., Bart Hobijn, and Brian Lucking (2012). “Why has wage growth

stayed strong?” In: FRBSF Economic Letter 2012-10.

Additional materials: FRBSF Wage Rigidity Meter

Press coverage: Krugman blog, NY Times.

Daly, Mary C. et al. (2012b). “Will the jobless rate drop take a break?” In: FRBSF

Economic Letter 2012-37.

Bart Hobijn, Research, April 20, 2024, Page 6 of 9

Hale, Galina, Bart Hobijn, and Rachna Raina (2012). “Commodity prices and PCE

inﬂation”. In: FRBSF Economic Letter 2012-14.

2011

Hale, Galina and Bart Hobijn (2011). “The U.S. content of “Made in China””. In:

FRBSF Economic Letter 2011-25.

Press coverage: LA Times, CNN, WSJ (blog), Krugman blog, Economist, NY Times, Japan Times,

Atlanta Journal Constitution, The Diplomat, Sydney Morning Herald, Bloomberg, USA Today , LA

Times.

Hobijn, Bart and Ay¸seg¨ul

S¸

ahin (2011). “Do initial claims overstate layoﬀs?” In:

FRBSF Economic Letter 2011-4.

Hobijn, Bart, Colin Gardiner, and Theodore S. Wiles (2011). “Recent college

graduates and the labor market”. In: FRBSF Economic Letter 2011-9.

Press coverage: MSN, WSJ (blog), Economist, NY Times, The Onion (spoof).

Hobijn, Bart, John Krainer, and David Lang (2011). “Cap rates and commercial

property prices”. In: FRBSF Economic Letter 2011-29.

Press coverage: Housing Wire.

2010 S¸

ahin, Ay¸seg¨ul, Joseph Song, and Bart Hobijn (2010). “The unemployment gender

gap during the 2007 recession”. In: Current Issues in Economics and Finance 16.Feb.

Daly, Mary C. and Bart Hobijn (2010). “Okun’s law and the unemployment surprise

of 2009”. In: FRBSF Economic Letter 2010-7.

Hobijn, Bart, Stefano Eusepi, and Andrea Tambalotti (2010). “The housing drag

on core inﬂation”. In: FRBSF Economic Letter 2010-11.

Press coverage: WSJ (blog).

Hobijn, Bart and Colin Gardiner (2010). “The breadth of disinﬂation”. In: FRBSF

Economic Letter 2010-36.

Additional materials: FRBSF PCE Inﬂation Dispersion Page.

Press coverage: Economist.

Kwok, Joyce, Mary C. Daly, and Bart Hobijn (2010). “Labor force participation and

the future path of unemployment”. In: FRBSF Economic Letter 2010-27.

Press coverage: Economist, Economist.

2009

Daly, Mary C., Bart Hobijn, and Joyce Kwok (2009a). “Labor supply responses to

changes in wealth and credit”. In: FRBSF Economic Letter 2009-5.

Daly, Mary C., Bart Hobijn, and Joyce Kwok (2009b). “Jobless recovery redux?” In:

FRBSF Economic Letter 2009-18.

Hobijn, Bart (2009). “The Tech Pulse Index: recent trends in tech-sector activity”.

In: FRBSF Economic Letter 2009-3.

Additional materials: FRBSF Tech-Pulse Release

Press coverage: WSJ.

Hobijn, Bart and Charles Steindel (2009). “Do alternative measures of GDP aﬀect

its interpretation?” In: Current Issues in Economics and Finance 15.Nov.

Press coverage: Krugman blog.

2008

Hobijn, Bart (2008). “Commodity price movements and PCE inﬂation”. In: Current

Issues in Economics and Finance 14.Nov.

Bart Hobijn, Research, April 20, 2024, Page 7 of 9

2007

Hobijn, Bart and Erick Sager (2007). “What has homeland security cost? an

assessment: 2001-2005”. In: Current Issues in Economics and Finance 13.Feb.

2005

Groshen, Erica L., Bart Hobijn, and Margaret M. McConnell (2005). “U.S. jobs

gained and lost through trade: a net measure”. In: Current Issues in Economics and

Finance 11.Aug.

2003

Hobijn, Bart and David Lagakos (2003). “Social security and the consumer price

index for the elderly”. In: Current Issues in Economics and Finance 9.May.

Press coverage: Economist.

Hobijn, Bart, Kevin J. Stiroh, and Alexis Antoniades (2003). “Taking the pulse

of the tech sector: a coincident index of high-tech activity”. In: Current Issues in

Economics and Finance 9.Oct.

2002

Hobijn, Bart (2002a). “What will homeland security cost?” In: Economic Policy

Review Nov, pp. 21–33.

Other publications

2022

Hobijn, Bart (2022a). “The Case for More Labor Market Statistics by Race”. In:

New Economic Analysis Newsletter 1, May 2022.

2020

Hobijn, Bart (2020). “The Supply-Side Origins of U.S. Inﬂation”. In: Changing

Inﬂation Dynamics,Evolving Monetary Policy. Ed. by Gonzalo Castex, Jordi Gal´ı,

and Diego Saravia. Vol. 27. Central Banking, Analysis, and Economic Policies Book

Series. Central Bank of Chile. Chap. 7, pp. 227–268.

Additional ﬁles: Slides, Minilecture.

2017

Bonam, Dennis and Bart Hobijn (2017). “Ruim begrotingsbeleid vereist sterke

toekomstige schuldstabilisering”. In: Economisch Statistische Berichten 102, pp. 22–

24.

2012

Comin, Diego and Bart Hobijn (2012). “How Early Adoption Has Increased

Wealth—Until Now”. In: Harvard Business Review 90, pp. 34–35.

T., Dickens William and Triest Robert K. (2012). “Second Discussant Comment on

Potential Eﬀects of the Great Recession on the U.S. Labor Market”. In: The B.E.

Journal of Macroeconomics 12.3, pp. 1–41.

2009

Elsby, Michael W.L., Bart Hobijn, and Ay¸seg¨ul

S¸

ahin (2009). “Unemployment in

the Current Crisis”. In: VOX February 14 2009.

1996

Hobijn, Bart and Philip Hans Franses (1996). “Convergentie levensstandaard treedt

niet op”. In: Economisch Statistische Berichten 81, pp. 10–12.

Working papers

2024

Bonam, Dennis and Bart Hobijn (2024). Downward Price Rigidities and Inﬂationary

Relative Demand Shocks. Working Paper Series WP 2024-11. Federal Reserve Bank

of Chicago.

2023

Ahn, Hie Joo, Bart Hobijn, and Ay¸seg¨ul

S¸

ahin (2023). The Dual U.S. Labor Market

Uncovered. Working Paper 31241. National Bureau of Economic Research.

2018

Hobijn, Bart, Todd Schoellman, and Alberto Vindas-Quesada (2018). “Structural

Transformation by Cohort”.

Bart Hobijn, Research, April 20, 2024, Page 8 of 9

2016

Hobijn, Bart and Patryk Perkowsky (2016). “The Industry-Occupation Mix of U.S.

Job Openings and Hires”.

Press coverage: WSJ (blog), Economist.

2009

Comin, Diego A and Bart Hobijn (2009b). The CHAT Dataset. Working Paper

15319. National Bureau of Economic Research.

Hobijn, Bart et al. (2009). Household inﬂation experiences in the U.S.: a compre-

hensive approach. Working Paper Series 2009-19. Federal Reserve Bank of San

Francisco.

2007

Comin, Diego and Bart Hobijn (Feb. 2007). Implementing Technology. NBER

Working Papers 12886. National Bureau of Economic Research, Inc.

2006

Comin, Diego, Bart Hobijn, and Emilie Rovito (Jan. 2006). Five Facts You Need to

Know About Technology Diﬀusion. NBER Working Papers 11928. National Bureau

of Economic Research, Inc.

2002

Hobijn, Bart (2002b). On both sides of the quality bias in price indexes. Staﬀ Reports

157. Federal Reserve Bank of New York.

2001

Hobijn, Bart (2001). Is equipment price deﬂation a statistical artifact? Staﬀ Reports

139. Federal Reserve Bank of New York.

Bart Hobijn, Research, April 20, 2024, Page 9 of 9