On Monday, August 5, Wendy Edelberg, an Associate Director for Economic Analysis at CBO, and Jeffrey Werling, Assistant Director of CBO's Macroeconomic Analysis Division, will give the following presentation to the Social Security and Medicare Trustees Working Group.

    

This paper studies the current state of inflation dynamics using a Phillips curve model, assesses the degree of anchoring of inflation expectations, and analyzes the sensitivity of inflation to cyclical fluctuations of economic conditions.