GET https://rct.dev.bbntimes.com/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years

ArticleController :: show

Request

GET Parameters

None

POST Parameters

None

Uploaded Files

None

Request Attributes

Key Value
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Header Value
accept
"*/*"
accept-encoding
"gzip, br, zstd, deflate"
connection
"close"
cookie
"PHPSESSID=1chjqlcf0oba9e1kp06fsn3lif"
host
"rct.dev.bbntimes.com"
user-agent
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
x-php-ob-level
"1"

Request Content

Request content not available (it was retrieved as a resource).

Response

Response Headers

Header Value
cache-control
"no-cache, private"
content-type
"text/html; charset=UTF-8"
date
"Thu, 17 Apr 2025 19:38:36 GMT"
link
"</build/runtime.js>; rel="preload"; as="script",</build/644.js>; rel="preload"; as="script",</build/502.js>; rel="preload"; as="script",</build/app.js>; rel="preload"; as="script",</build/view-more.js>; rel="preload"; as="script",</build/term-condition.js>; rel="preload"; as="script",</build/contact.js>; rel="preload"; as="script",</build/scroll-infinite-article.js>; rel="preload"; as="script",</build/app.css>; rel="preload"; as="style",</build/cookie-style.css>; rel="preload"; as="style",</build/term-condition-css.css>; rel="preload"; as="style",</build/contact-css.css>; rel="preload"; as="style",</build/comment-css.css>; rel="preload"; as="style""
x-debug-token
"21cdb1"

Cookies

Request Cookies

Key Value
PHPSESSID
"1chjqlcf0oba9e1kp06fsn3lif"

Response Cookies

No response cookies

Session 6

Session Metadata

Key Value
Created
"Thu, 17 Apr 25 19:38:34 +0000"
Last used
"Thu, 17 Apr 25 19:38:35 +0000"
Lifetime
0

Session Attributes

Attribute Value
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_csrf/https-cookie_accept
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Session Usage

6 Usages
Stateless check enabled
Usage
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Symfony\Component\Security\Core\Authentication\Token\Storage\UsageTrackingTokenStorage:41
[
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]
Symfony\Component\Security\Http\Firewall\ContextListener:171
[
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Flashes

Flashes

No flash messages were created.

Server Parameters

Server Parameters

Defined in .env

Key Value
APP_ENV
"dev"
APP_SECRET
"0a988e63f011514eaabfc650b599af4d"
CORS_ALLOW_ORIGIN
"*"
DATABASE_URL
"mysql://bbndb_rctuser:33F5W25z40or0f7@localhost:3306/rct_bbntimes"
GOOGLE_RECAPTCHA_SECRET_KEY
"6LdV5fgpAAAAANxzTG8ZMfIjil1wu-1vrQvnUt-x"
GOOGLE_RECAPTCHA_SITE_KEY
"6LdV5fgpAAAAAENKcn73MJAhQrbtQeqgyC4wDLMP"
MAILER_DSN
"smtp://no-reply%40rct.dev.bbntimes.com:Bl6%26gLD48%26Of919@rct.dev.bbntimes.com:465"
MARIADB_PASSWORD
"i!87pK&!85ezc8"

Defined as regular env variables

Key Value
APP_DEBUG
"1"
BASE
"/public"
CONTEXT_DOCUMENT_ROOT
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
CONTEXT_PREFIX
""
DOCUMENT_ROOT
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com"
FCGI_ROLE
"RESPONDER"
GATEWAY_INTERFACE
"CGI/1.1"
HTTPS
"on"
HTTP_ACCEPT
"*/*"
HTTP_ACCEPT_ENCODING
"gzip, br, zstd, deflate"
HTTP_CONNECTION
"close"
HTTP_COOKIE
"PHPSESSID=1chjqlcf0oba9e1kp06fsn3lif"
HTTP_HOST
"rct.dev.bbntimes.com"
HTTP_USER_AGENT
"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)"
PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY
"0"
PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY
"0"
PATH
"/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin:/snap/bin"
PHP_SELF
"/public/index.php"
PP_CUSTOM_PHP_CGI_INDEX
"plesk-php81-fastcgi"
PP_CUSTOM_PHP_INI
"/var/www/vhosts/system/rct.dev.bbntimes.com/etc/php.ini"
QUERY_STRING
""
REDIRECT_BASE
"/public"
REDIRECT_HTTPS
"on"
REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY
"0"
REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY
"0"
REDIRECT_REDIRECT_HTTPS
"on"
REDIRECT_REDIRECT_PASSENGER_COMPILE_NATIVE_SUPPORT_BINARY
"0"
REDIRECT_REDIRECT_PASSENGER_DOWNLOAD_NATIVE_SUPPORT_BINARY
"0"
REDIRECT_REDIRECT_SCRIPT_URI
"https://rct.dev.bbntimes.com/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
REDIRECT_REDIRECT_SCRIPT_URL
"/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
REDIRECT_REDIRECT_SSL_TLS_SNI
"rct.dev.bbntimes.com"
REDIRECT_REDIRECT_STATUS
"200"
REDIRECT_REDIRECT_UNIQUE_ID
"aAFYu6aXs24d6ntSQn_8xQAAARU"
REDIRECT_SCRIPT_URI
"https://rct.dev.bbntimes.com/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
REDIRECT_SCRIPT_URL
"/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
REDIRECT_SSL_TLS_SNI
"rct.dev.bbntimes.com"
REDIRECT_STATUS
"200"
REDIRECT_UNIQUE_ID
"aAFYu6aXs24d6ntSQn_8xQAAARU"
REDIRECT_URL
"/public/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
REMOTE_ADDR
"18.222.106.93"
REMOTE_PORT
"35029"
REQUEST_METHOD
"GET"
REQUEST_SCHEME
"https"
REQUEST_TIME
1744918715
REQUEST_TIME_FLOAT
1744918715.9061
REQUEST_URI
"/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
SCRIPT_FILENAME
"/var/www/vhosts/dev.bbntimes.com/rct.dev.bbntimes.com/public/index.php"
SCRIPT_NAME
"/public/index.php"
SCRIPT_URI
"https://rct.dev.bbntimes.com/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
SCRIPT_URL
"/global-economy/the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
SERVER_ADDR
"5.196.1.209"
SERVER_ADMIN
"[no address given]"
SERVER_NAME
"rct.dev.bbntimes.com"
SERVER_PORT
"443"
SERVER_PROTOCOL
"HTTP/1.1"
SERVER_SIGNATURE
"<address>Apache Server at rct.dev.bbntimes.com Port 443</address>\n"
SERVER_SOFTWARE
"Apache"
SSL_TLS_SNI
"rct.dev.bbntimes.com"
SYMFONY_DOTENV_VARS
"APP_ENV,APP_SECRET,DATABASE_URL,MARIADB_PASSWORD,CORS_ALLOW_ORIGIN,MAILER_DSN,GOOGLE_RECAPTCHA_SECRET_KEY,GOOGLE_RECAPTCHA_SITE_KEY"
UNIQUE_ID
"aAFYu6aXs24d6ntSQn_8xQAAARU"

Sub Requests 6

CookieController :: renderAnalysis (token = f60cb8)

Key Value
_controller
"App\Controller\CookieController::renderAnalysis"
_format
"html"
_locale
"en"
_stopwatch_token
"a9fe2a"

AppController :: renderHeader (token = 89b989)

Key Value
_controller
"App\Controller\AppController::renderHeader"
_format
"html"
_locale
"en"
_stopwatch_token
"99a1dd"
slug
"home"

ArticleController :: trendingArticle (token = 8b89e6)

Key Value
_controller
"App\Controller\ArticleController::trendingArticle"
_format
"html"
_locale
"en"
_stopwatch_token
"d5e289"
category
"Global Economy"

ArticleController :: relatedArticles (token = f62149)

Key Value
_controller
"App\Controller\ArticleController::relatedArticles"
_format
"html"
_locale
"en"
_stopwatch_token
"efda3d"
current_article
App\Entity\Article {#1094
  -id: 5471
  -title: "The Inflation Puzzle: Why Has it Moved So Little for 25 Years?"
  -slug: "the-inflation-puzzle-why-has-it-moved-so-little-for-25-years"
  -introtext: "<p><span style="color: #000000;">Sometimes the mystery is why something did not happen. The classic statement of this description is in the Arthur Conan Doyle&nbsp;<span style="color: #808080;"><a style="color: #808080;" href="https://www.gutenberg.org/files/834/834-h/834-h.htm#chap01">story "Silver Blaze,"</a></span>&nbsp;in which Inspector Gregory asks Sherlock Holmes:</span></p>\r\n"
  -content: """
    \r\n
    <p style="padding-left: 30px;"><span style="color: #000000;">“Is there any point to which you would wish to draw my attention?”</span><br /><span style="color: #000000;">“To the curious incident of the dog in the night-time.”</span><br /><span style="color: #000000;">“The dog did nothing in the night-time.”</span><br /><span style="color: #000000;">“That was the curious incident,” remarked Sherlock Holmes.</span></p>\r\n
    <p><span style="color: #000000;">When it comes to the US inflation rate, the mystery is that it has moved so little for the last 25 years. The blue line shows the US inflation rate as measured by the Personal Consumption Expenditure price index, leaving out energy and food prices on the ground that they can add short-term volatility that obscures the underlying pattern. If this seems like an odd measure of price inflation--perhaps because the Consumer Price Index is a better-known measure of inflation--I'll just say that it's measure on which the Federal Reserve focuses (for&nbsp;<span style="color: #808080;"><a style="color: #808080;" href="http://conversableeconomist.blogspot.com/2012/01/consumer-price-index-vs-personal.html">reasons explained here</a></span>). The red line shows the unemployment rate.<br /></span><br /><span style="color: #000000;"><a style="color: #000000;" href="https://1.bp.blogspot.com/-VcMJcj6qq94/Xi8kV1Q1ogI/AAAAAAAAKHU/O5FipeXbjIggNUUxpT5a4v8GRCAGtH46QCEwYBhgL/s1600/inflation%2B1.jpg"><img src="https://1.bp.blogspot.com/-VcMJcj6qq94/Xi8kV1Q1ogI/AAAAAAAAKHU/O5FipeXbjIggNUUxpT5a4v8GRCAGtH46QCEwYBhgL/s400/inflation%2B1.jpg" alt="" width="400" height="268" border="0" data-original-height="579" data-original-width="860" /><br /></a></span><br /><span style="color: #000000;">Back in the late 1980s and early 1990s, the inflation rate reached the range of 4-5%. There was a recession (shaded bar) in 1990-91, and you can see the unemployment rate rise while the inflation rate falls. This pattern is standard intro econ wisdom, going under the name of the "Phillips curve:" a tradeoff is expected, at least over the short-run of a few years, because a slowed down recessionary economy will tend to have more unemployment but less inflationary pressure, while an economy in an upswing of economic growth will tend to have lower unemployment but greater inflationary pressures.&nbsp;</span></p>\r\n
    <div><span style="color: #000000;"></span></div>\r\n
    <div><span style="color: #000000;">But since about 1995, you can see that the inflation rate has moved in a narrow range, rarely venturing out of the range of 1-2% per year, and then by only small amounts. Inflation stays in this range during the late 1990s, as the unemployment rate falls during the dot-com boom; and after the recession of 2001, when the unemployment rate rises; and in the housing boom of the early 2000s, when unemployment is falling; and during the Great Recession of 2007-2009, when unemployment shoots up; and in the decade since then, as the unemployment rate has dropped. Why hasn't the inflation dog barked?&nbsp;</span></div>\r\n
    <div><span style="color: #000000;"></span></div>\r\n
    <div><span style="color: #000000;">For a readable quick overview of the issues, the Hutchins Center at Brookings has published&nbsp;<a style="color: #000000;" href="https://www.brookings.edu/wp-content/uploads/2020/01/Inflation-report_1.29.2020.pdf"><span style="color: #808080;">"What’s (Not) Up With Inflation? (January 2020</span>)</a>. The report starts with a short essay by Janet Yellen laying out the issues, and then is followed with an essay by Sage Belz and David Wessel listing possible explanations why inflation has seemed stuck in place (with references and links to recent supporting literature). Here are some possibilities for why inflation is stuck:&nbsp;</span></div>\r\n
    <div><span style="color: #000000;"></span></div>\r\n
    <div><span style="color: #000000;">Inflation expectations.&nbsp;"Professional forecasters and financial market analysts today generally believe price inflation will run at the Fed’s 2 percent target over the medium run. As a result, businesses may not respond as much as in the past to changes in economic conditions, anticipating whatever movements in inflation that might occur will dissipate quickly."</span></div>\r\n
    <div><span style="color: #000000;"></span></div>\r\n
    <div><span style="color: #000000;">Monetary policy.&nbsp;The Federal Reserve has targeted an inflation rate of 2%, so inflation staying near that range just shows that monetary policy is working.</span></div>\r\n
    <div><span style="color: #000000;"></span></div>\r\n
    <div><span style="color: #000000;">Changes in the labor market.&nbsp;Workers may be less likely to receive able wage increases when economic conditions are good. Some possible reasons are that the "weakening power of unions in the private sector" or that "and increased global competition may have suppressed wage growth, reducing workers’ abilities to negotiate for higher wages."&nbsp;</span></div>\r\n
    <div><span style="color: #000000;"></span></div>\r\n
    <div><span style="color: #000000;">Trade and global value chains.&nbsp;"[D]omestic producers may be keeping prices low because they compete with foreign firms."</span></div>\r\n
    <div><span style="color: #000000;"></span></div>\r\n
    <div><span style="color: #000000;">Technology and online competition.&nbsp;There is discussion sometimes of an&nbsp;<span style="color: #808080;"><a style="color: #808080;" href="http://conversableeconomist.blogspot.com/2017/11/the-amazon-effect.html">"Amazon effect,"</a></span>&nbsp;where increased online purchasing puts pressure on all sellers to keep prices low.&nbsp;</span></div>\r\n
    <div><span style="color: #000000;"></span></div>\r\n
    <div><span style="color: #000000;">The inflation puzzle raises other questions, too.&nbsp;</span></div>\r\n
    <div>\r\n
    <ul>\r\n
    <li><span style="color: #000000;">Is it possible that inflation is not being well-measured in certain areas--like a rise in health care costs--so that it is actually more variable than the graph above suggests?&nbsp;</span></li>\r\n
    <li><span style="color: #000000;">Is it possible that the past tradeoff between lower unemployment and higher inflation is less visible in national data, but still visible in state or metropolitan-area data?&nbsp;&nbsp;</span></li>\r\n
    <li><span style="color: #000000;">Does the low inflation rate mean that the US economy can run large budget deficits or keep interest rates very low without fear of future inflation?&nbsp;</span></li>\r\n
    <li><span style="color: #000000;">Can we count on inflation remaining low in the future, or could high inflation return with a rush?&nbsp;</span></li>\r\n
    <li><span style="color: #000000;">Instead of focusing on inflation, policymakers should instead focus on the possible of&nbsp; future asset pricing boom-and-bust cycles, like the experiences with dot-com stocks in the late 1990s or housing markets in the early 2000s, and how problems in financial markets might disrupt the economy?&nbsp;</span></li>\r\n
    </ul>\r\n
    </div>\r\n
    <div><span style="color: #000000;">Inflation is one of the basic outcomes of macroeconomic models, along with economic growth and labor market outcomes like unemployment rates. It is thus a little jarring to watch a recent Fed chair like&nbsp;<span style="color: #808080;"><a style="color: #808080;" href="http://conversableeconomist.blogspot.com/2016/11/janet-yellen-doesnt-know-what.html">Janet Yellen forthrightly accept&nbsp;</a></span>that we don't really understand what has been driving inflation these last 25 years. But the admission is an honest one, and an invitation to consider the puzzle further.&nbsp;</span></div>\r\n
    <div>&nbsp;</div>\r\n
    <div><span style="color: #000000;">A version of this article first appeared on <a href="http://conversableeconomist.blogspot.com/2020/01/the-inflation-puzzle-why-has-it-move-so.html" target="_blank" rel="noopener">Conversable Economist</a>.&nbsp;</span></div>
    """
  -user: Proxies\__CG__\App\Entity\User {#1092 …}
  -createdAt: DateTime @1580466987 {#1145
    date: 2020-01-31 10:36:27.0 UTC (+00:00)
  }
  -updatedAt: DateTime @1580470688 {#1150
    date: 2020-01-31 11:38:08.0 UTC (+00:00)
  }
  -deletedAt: null
  -category: App\Entity\Category {#445 …}
  -status: "published"
  -imageCard: Proxies\__CG__\App\Entity\File {#1184 …}
  -ImageHeader: Proxies\__CG__\App\Entity\File {#1184 …}
  -featured: false
  -mainView: false
  -clicks: 2177
  -comments: Doctrine\ORM\PersistentCollection {#1125 …}
  -reviewed_at: DateTime @1580466987 {#1148
    date: 2020-01-31 10:36:27.0 UTC (+00:00)
  }
  -metakey: ""
  -metadesc: "Sometimes the mystery is why something did not happen."
  -robots: null
  -publishedAt: DateTime @1580466987 {#1147
    date: 2020-01-31 10:36:27.0 UTC (+00:00)
  }
  -canonical: null
  -superTag: null
}

AppController :: renderFooter (token = ea8866)

Key Value
_controller
"App\Controller\AppController::renderFooter"
_format
"html"
_locale
"en"
_stopwatch_token
"698404"

CookieController :: renderCookie (token = 534dc0)

Key Value
_controller
"App\Controller\CookieController::renderCookie"
_format
"html"
_locale
"en"
_stopwatch_token
"47d0b5"