Your paycheck can go up in dollars while going down in buying power because prices, taxes, and your spending habits may be rising faster than your wage. In economics terms, your nominal income (the number on the paycheck) can grow while your real income (what that paycheck actually buys after inflation) shrinks.
Below is Gadfly City’s original, search-intent-focused explanation of why that happens — with simple math, real-world scenarios, and a clear distinction between official data, examples, and editorial opinion.
Your Paycheck Isn’t Smaller — Your Money Buys Less
Imagine you get paid 100 dollars every week. Last year that 100 dollars bought:
- 40 dollars of groceries
- 30 dollars of gas and transport
- 30 dollars left over for everything else
Now prices go up 10%. Groceries that used to cost 40 dollars now cost 44, and gas that used to cost 30 now costs 33. Your weekly budget becomes:
- Groceries: 44
- Gas: 33
- Leftover: 23
Your paycheck is still 100 dollars, but what you have left after basic expenses fell from 30 to 23 dollars. It feels smaller because your purchasing power — the amount of goods and services your money can buy — went down.
A simple way to see this:
- Old basket: 100 dollars buys one full basket of goods.
- Prices rise 10%: the same basket now costs 110 dollars.
- If your pay stayed at 100, you now afford about 90.9% of that basket (100 ÷ 110).
Even if the pay rises a bit, if it doesn’t rise as fast as prices, you still end up with less basket.
Learn more about What Would Happen If the US Economy Collapsed?
How Inflation Makes Your Paycheck Feel Smaller
In everyday life, the path is simple:
Prices rise → expenses rise → leftover money falls → paycheck feels smaller.
Consider a basic monthly household budget (numbers are illustrative, not official data):
Year 1 (before inflation)
- Take-home pay: 4,000
- Rent: 1,400
- Groceries: 600
- Transport: 400
- Utilities: 300
- Insurance: 200
- Other spending: 600
- Leftover / saving: 500
Total essential expenses: 3,500 → 500 left.
Year 2 (after prices rise 8%, but pay only rises 4%)
- New take-home pay: 4,160 (4% raise)
- Rent: 1,512 (up 8%)
- Groceries: 648 (up 8%)
- Transport: 432 (up 8%)
- Utilities: 324 (up 8%)
- Insurance: 216 (up 8%)
- Other spending (you try to keep it flat): 600
New total expenses:
1,512 + 648 + 432 + 324 + 216 + 600 = 3,732
Leftover: 4,160 − 3,732 = 428
You “got a raise,” but your monthly leftover dropped from 500 to 428. That 72 dollars gap is why the paycheck feels smaller. The dollar number went up; the breathing room went down.
Nominal Wage vs. Real Wage: Why Your Salary Can Rise While Your Purchasing Power Falls
Let’s define two key ideas:
- Nominal wage: Your wage in current dollars, without adjusting for inflation (for example, “I earn 50,000 dollars a year”).
- Real wage: Your wage adjusted for changes in prices, showing how much goods and services your income can buy compared with a base period.
If your salary rises 4% but prices rise 6%, your nominal wage went up, but your real wage went down. You could think of a rough approximation:
Real wage growth ≈ nominal wage growth − inflation rate
Using the example:
- Nominal wage growth: +4%
- Inflation: +6%
- Approximate real wage growth: 4% − 6% = −2%
This is an approximation; economists often use actual price indexes like the CPI or a personal consumption deflator to calculate precise real wages. But for a paycheck-level view, simple subtraction is enough to understand the direction: your purchasing power fell about 2%.
Why a 5% Pay Raise Can Still Make You Feel Poorer
Take an original salary example and walk through the math.
Step 1: The raise
- Old salary: 60,000
- New salary: 63,000
- Raise: 3,000
- Percentage raise: 3,000 ÷ 60,000 = 5%
So far, so good: 5% sounds like real progress.
Step 2: The inflation rate
Suppose consumer prices — the cost of the average basket of goods and services — went up 7% over the same year.
Step 3: Inflation-adjusted purchasing power
If you wanted to keep the same purchasing power, your salary would need to grow at least as fast as prices. Roughly:
- Required salary to keep up: 60,000 × 1.07 = 64,200
But your new salary is 63,000. In real terms, you’re short:
- Shortfall: 64,200 − 63,000 = 1,200
You got a 3,000 raise, but you needed about 4,200 just to break even on purchasing power. So your real income fell even though your nominal income rose.
Again, this is a simplified calculation. In precise analysis, economists would use CPI or another index and adjust more carefully. But the takeaway is clear: a raise must beat inflation to feel like a true gain.
Learn about Can the U.S Beat Iran in a War?
Why Your Personal Inflation Rate May Be Higher Than the Official Inflation Rate
The Consumer Price Index (CPI) measures the average change in prices over time for a “market basket” of goods and services bought by urban consumers. That basket includes housing, food, transportation, healthcare, and more. It’s meant to represent an average urban household.
But no household is truly “average.” Different groups spend their money in very different ways:
- Renters: More exposed to rent and utilities.
- Homeowners: More exposed to property taxes, maintenance, and mortgage rates.
- Families with children: Higher spending on childcare, school costs, groceries.
- Commuters: More exposed to gas, vehicle maintenance, or transit fares.
- Retirees: More exposed to healthcare costs and insurance.
- Students: More exposed to tuition, fees, and housing.
- Higher-income households: More discretionary spending but also more taxable income.
- Lower-income households: Larger share of income going to essentials like food and rent.
If your personal basket tilts toward items that have gone up faster than the average CPI, your personal inflation rate can feel higher than the headline number. CPI might say 3–4% inflation, but if rent is up 10% and groceries are up 8% in your area, your budget pressure can feel more like 7–8%.
Official CPI is still the best broad measure policymakers have, but it cannot capture every household’s unique mix of spending.
Where Inflation Hits Your Paycheck the Hardest
Repeated increases in essential expenses — the bills you cannot easily avoid — hit both your wallet and your emotions harder than price jumps in occasional purchases. Here’s how.
Housing Costs
Housing is usually the largest line item in a household budget. CPI components for rent and owners’ housing costs show that these categories can rise faster than overall inflation during tight housing markets. Even modest rent increases compound; a 10% rent rise on a 1,500 payment is 150 dollars every month, 1,800 dollars a year.
When housing costs rise, there is little room to cut back. You can cancel streaming services, but you can’t easily cut rent in half.
Groceries and Food
Food prices are part of the CPI market basket and have seen notable swings in recent years. Because grocery shopping happens weekly, people notice even small price increases and feel them repeatedly. A 10% rise in a 600 dollar monthly grocery bill is 60 dollars every single month.
Transportation
Transportation includes fuel, public transit, car payments, and maintenance. CPI data tracks fuel prices and vehicle-related costs separately. If gas prices rise sharply, commuters who drive long distances feel a bigger hit than someone who walks to work. Transport costs directly affect the ability to get to work and school, so they are hard to avoid.
Healthcare
Healthcare costs and health insurance premiums have long grown faster than overall inflation in many periods. When co-pays, prescription costs, and premiums rise, workers may see more salary taken out before it hits their bank accounts, or face higher out-of-pocket bills later.
Insurance
Insurance — health, auto, homeowners, renters — often rises as underlying costs and risks change. These premiums may be deducted directly from paychecks, reducing take-home pay even if gross salary rises.
Utilities and Everyday Bills
Electricity, water, internet, and phone service are classic “sticky” expenses. CPI publishes data on utility prices and related services. Even small increases across several utilities add up. For example, 20 dollars more for electricity, 10 more for internet, and 5 more for mobile service is 35 dollars each month, or 420 per year.
Because these categories show up every month and are hard to cut without major lifestyle changes, they psychologically dominate the feeling that “my paycheck doesn’t go as far as it used to.”
Why Inflation Can Fall While Prices Stay High
Many people hear “inflation is down” and wonder: “So why does everything still feel expensive?”
The answer lies in the difference between inflation, disinflation, and deflation.
- Inflation: Prices are rising.
- Disinflation: Prices are still rising, but more slowly than before.
- Deflation: Prices are falling.
A simple example:
- Year 1: Basket costs 100 dollars.
- Year 2: 10% inflation → basket costs 110 dollars.
- Year 3: 3% inflation (disinflation) → basket costs 110 × 1.03 = about 113.30 dollars.
Inflation fell from 10% to 3%, but the price level rose from 110 to 113.30. Prices did not go back to 100; they just climbed more slowly.
Only deflation — a negative inflation rate sustained over time — would bring prices down overall, and central banks generally try to avoid deflation because it can be associated with weak demand, layoffs, and a deeper economic slump.
So when inflation “falls,” what it usually means is that the pace of price increases has slowed, not that your grocery bill or rent has returned to prior levels.
Why Your Annual Raise May Not Keep Up With Inflation
Most employers adjust wages on a schedule:
- Annual performance reviews
- Contract renewals
- Across-the-board pay increases
- Occasional cost-of-living adjustments (COLAs)
Inflation, however, can move month to month, and sudden shocks — for example, jumps in energy or food prices — can hit long before the next raise.
Economists talk about sticky wages, meaning wages are slow to change relative to prices. Employers may hesitate to raise pay mid-year or may offer increases that reflect past, not current, conditions. By the time your annual raise arrives, prices may already have outrun the increase.
This timing gap is one reason your raise can feel backwards: inflation may happen continuously, while wage adjustments happen periodically.
Sticky Wages: The Hidden Reason Your Raise May Feel Too Small
Recent economic research has looked directly at how workers’ wages respond to inflation.alfred.stlouisfed+1
One line of work on sticky wage norms finds that many workers who stayed with the same employer from 2021 to 2024 — a period of elevated inflation — saw their nominal wages rise but still experienced real wage losses once inflation was taken into account. The norm of small, regular raises did not fully compensate for rapid price increases.
Micro-level analysis by the Federal Reserve Bank of St. Louis similarly shows that a notable share of individuals, especially older and less-educated workers and job stayers, had negative real wage growth, meaning their pay increases lagged behind the inflation they faced.
These studies rely on large administrative or survey datasets and specific time periods; they don’t claim that every worker suffered real wage losses, but they do show that many did during recent inflation spikes. That evidence matches the lived experience of workers who see pay rise modestly while essentials rise faster.
Why Changing Jobs Can Sometimes Give You a Bigger Inflation Adjustment
Research from Federal Reserve banks and other institutions has found a pattern: job switchers often see stronger wage growth than job stayers, especially in tight labor markets.
Work on job search and inflation shows that when workers expect higher inflation, they become more likely to search for new jobs. The basic idea is:
- Existing wages may be stuck in older pay scales (sticky).
- New hires and job offers may be priced to current market conditions.
If outside offers reflect higher market wages and partially compensate for inflation, switching jobs can act as a “catch-up” mechanism for real wages.
But this is not a guarantee:
- Not everyone can easily switch jobs.
- Some industries may have limited openings.
- New roles carry risks: probation periods, culture fit, job security.
So changing jobs can help some workers keep up with inflation, but it is not automatically the best or safest option for everyone.
Taxes Make a Raise Feel Smaller Too
Another reason a raise can feel underwhelming: you don’t keep the full amount.
Key definitions:
- Gross pay: Your total earnings before taxes and deductions.
- Take-home pay: What actually hits your bank account after taxes and deductions.
- Taxes and deductions: Income tax, social insurance, retirement contributions, insurance premiums, and other withholdings.
- Purchasing power: What you can buy with your take-home pay.
Consider a raise:
- Gross annual pay: 50,000 → 53,000 (a 3,000 raise, 6% nominal increase).
- Suppose your combined tax and deduction rate is roughly 25% of gross.
Old take-home (approximate):
- 50,000 × 0.75 = 37,500
New take-home (approximate):
- 53,000 × 0.75 = 39,750
Net gain in usable cash: 39,750 − 37,500 = 2,250
Your gross raise is 3,000, but your spending power from the raise is closer to 2,250. If inflation has raised annual expenses by more than that, the raise may not feel like progress.
Official data on disposable personal income — income after taxes — underscores this point. BEA shows that disposable personal income can grow while real disposable income (inflation-adjusted) grows much more slowly or even declines if prices rise faster than nominal income.gorkembostanci.
This is why a raise that looks impressive in gross terms can feel tiny at the checkout line.
Lifestyle Inflation Can Make the Problem Even Worse
It’s important to separate two different ideas:
- Inflation: Prices rise; the same lifestyle costs more.
- Lifestyle inflation: Your spending rises when your income rises; you upgrade your lifestyle.
Lifestyle inflation happens when people respond to a raise by:
- Moving to a larger or trendier apartment.
- Buying a newer car or more streaming services.
- Eating out more often or traveling more.
In that case, even if the raise keeps up with price inflation, the person chooses a more expensive lifestyle, so they still feel stretched. They’re not only paying higher prices; they’re also buying more or nicer things.
A person can absolutely earn more and feel poorer if:
- Prices rose faster than their wage and
- Lifestyle inflation added extra spending on top.
The paycheck is bigger, but the combination of economic inflation and lifestyle inflation eats up the new income.
How to Calculate Your Real Paycheck
You don’t need a PhD or a fancy tool to get a rough sense of your real paycheck. Here’s a step-by-step process you can use.
- Write down your previous income.
- Example: Last year’s take-home pay: 4,000 per month.
- Write down your current income.
- Example: This year’s take-home pay: 4,200 per month.
- Calculate your wage growth.
- Wage growth rate ≈ (current − previous) ÷ previous
- (4,200 − 4,000) ÷ 4,000 = 200 ÷ 4,000 = 5%.
- Find an inflation rate for your period.
- Use official CPI reports for your country or region.
- Suppose CPI shows prices up 6% over the year.
- Estimate your real wage change.
- Rough estimate: real wage growth ≈ wage growth − inflation
- 5% − 6% = −1%, meaning purchasing power fell about 1%.
- Check major household expenses.
- Compare last year vs. this year for rent, groceries, transport, utilities, insurance, and debt payments.
- If housing and food alone went up more than your net raise, that’s a strong sign your paycheck’s real value shrank.
- Look at how much is left over.
- Last year leftover each month: income − essential expenses.
- This year leftover each month: new income − new essential expenses.
- If the leftover is smaller, your real paycheck effectively got smaller.
A future Gadfly City Inflation Paycheck Calculator could automate this by letting you input your income, tax rate, and expense categories and then comparing them with official inflation data. At the time of writing, this is a concept, not a live tool.
How Much Does Your Salary Need to Increase to Beat Inflation?
As a rule of thumb, your salary growth must at least match your personal inflation rate to keep purchasing power stable. Here’s a simple table of illustrative scenarios (ignoring taxes and detailed spending patterns for simplicity):
| Inflation | Pay Increase | Rough Result |
|---|---|---|
| 2% | 2% | Roughly keeps pace |
| 3% | 3% | Roughly keeps pace |
| 5% | 3% | Purchasing power falls |
| 5% | 5% | Roughly keeps pace |
| 5% | 7% | Purchasing power rises |
In reality, the picture depends on:
- Your tax situation (higher income can mean higher tax rates).
- Your personal spending mix (if your main expenses rose 10% while CPI rose 5%, you might still fall behind).
- The exact time period measured and the volatility of prices.
But this table gives a mental model: if pay rises slower than prices, real income is shrinking; if pay rises faster than prices, real income is growing.
Why Some People Feel Inflation More Than Others
Two people can live in the same city, face the same official CPI print, and still have very different experiences of inflation. The reason is spending patterns.
Consider this simplified comparison:
| Household Type | Main Spending Focus | Likely Inflation Feel |
|---|---|---|
| Young renter | Rent, groceries, transport, student loans | Feels housing and food inflation strongly |
| Homeowner with kids | Mortgage, childcare, groceries, utilities | Feels childcare and food inflation strongly |
| High-income professional | Housing, travel, services, dining out | Feels service and travel price changes more |
| Retiree | Healthcare, insurance, utilities, groceries | Feels health and insurance inflation strongly |
| Lower-income worker | Essentials (rent, food, transport) | Feels any rise in essentials very acutely |
No group always faces higher inflation. What matters is which prices move the most and how much of your budget they occupy. If your personal basket is dominated by categories that happen to spike (like housing or energy), your paycheck will feel smaller than someone whose spending is more discretionary and flexible.
Is Inflation Actually Making You Poorer?
Inflation does not automatically mean you are poorer, but it can make you poorer in real terms if your income lags behind your relevant price increases.
- You become poorer in real terms if your income grows slower than the prices you face. Your real wage or real disposable income falls.alfred.
- You roughly maintain purchasing power if your income grows about as fast as your major expenses.
- You become richer in real terms if your income grows faster than your personal inflation rate and your lifestyle inflation doesn’t fully absorb the gains.
So inflation is a pressure, not a verdict. It pushes the bar higher; whether you fall behind, stay even, or pull ahead depends on wages, taxes, spending patterns, and choices.
Gadfly City’s Take: A Bigger Paycheck Doesn’t Mean You’re Getting Ahead
Gadfly City’s view is blunt:
The bigger problem is that people are taught to measure financial progress by salary, not by purchasing power.
Employers, HR websites, and even dinner conversations tend to focus on headline salaries: “I make 70k now; I used to make 55.” It feels like a clear, simple measure of success. But if rent, food, transport, childcare, and healthcare have jumped faster than that salary, the victory is partly an illusion.
Our take:
- Looking at nominal pay alone is like judging how fast a boat is moving without noticing the current.
- Inflation, taxes, and lifestyle choices are the current. They can turn a proud 10% raise into a 3% real gain or a 5% real loss.
- People who only ask, “Did my salary go up?” risk missing the deeper question: “Did my space to live, save, and breathe actually grow?”
This isn’t about scaring anyone. It’s about changing the mental model:
- A bigger paycheck is not the goal by itself.
- The goal is more freedom and more security — which come from higher real purchasing power, not just higher nominal income.
In Gadfly City’s view, the truly “wealth-aware” worker keeps one eye on the paycheck and one eye on the basket of goods it buys.
What Can You Do When Your Paycheck Isn’t Keeping Up With Inflation?
Here are practical actions, and why each matters:
- Calculate your personal inflation.
- Compare last year’s and this year’s spending on key categories: housing, food, transport, utilities, healthcare, insurance.
- This reveals whether your personal inflation rate is above or below the official CPI, and where the squeeze comes from.
- Review major expense increases.
- List which essential bills rose the most.
- Focusing on these categories helps you target the changes that most shrink your purchasing power.
- Check current market salary levels for your role.
- If market rates have moved faster than your own wage growth, that gap is part of your real wage loss.
- Knowing your market value gives you data for negotiation.
- Negotiate based on market value and inflation, not just performance.
- Frame conversations around both your contributions and the cost-of-living reality.
- Point out that matching at least broad inflation is necessary to avoid a silent pay cut in real terms.
- Separate inflation from lifestyle inflation.
- Ask: “How much of my new spending is due to higher prices, and how much is due to new choices?”
- This distinction lets you see whether tightening discretionary choices could restore some breathing room without waiting for a raise.
- Reduce exposure to rapidly increasing expenses where practical.
- Examples: moving to a slightly cheaper apartment, adjusting commute patterns, shopping differently for groceries.
- These changes directly lower your personal inflation rate even when official CPI stays high.
- Build financial resilience.
- Even small emergency savings or buffer funds help you handle price spikes without relying on debt.
- Resilience matters because inflation and wage growth rarely move in perfect sync.
- Look for ways to increase income strategically.
- Upskilling, internal promotions, side income, or (where feasible) job changes can help your earnings catch up to or surpass inflation.
- The key is to focus on sustainable income gains rather than short bursts that immediately trigger lifestyle inflation.
None of these steps alone solves inflation, but together they shift the frame from “inflation is happening to me” to “I understand how inflation interacts with my paycheck, and I can respond deliberately.”
Frequently Asked Questions About Inflation and Paychecks
Why does my paycheck feel smaller even though I got a raise?
Because your paycheck size in dollars (nominal income) isn’t the whole story. If prices for your main expenses and your tax burden rose faster than your wage, your real income and leftover cash can fall even after a raise.
Does inflation reduce your salary?
Inflation doesn’t cut your nominal salary; you still see the same or higher number on the paycheck. It reduces what that salary can buy, which is why economists say inflation erodes purchasing power.
What happens to purchasing power when inflation rises?
When inflation rises and wages don’t fully keep up, purchasing power usually falls. Each unit of currency buys fewer goods and services than before, especially in essential categories like housing and food.
What is the difference between real wages and nominal wages?
- Nominal wages: Pay stated in current dollars, not adjusted for inflation.
- Real wages: Nominal wages adjusted using a price index (like CPI) to show how purchasing power has changed over time.
Why are prices still high when inflation falls?
Because disinflation means prices are rising more slowly, not that they are falling. Unless there is deflation, the price level stays elevated; it simply climbs at a reduced pace.fred.
How much should my salary increase with inflation?
To roughly keep your purchasing power stable, your salary should grow at least as fast as your personal inflation rate — the rate that reflects your actual spending mix. Matching headline CPI is a starting point but may be too low or too high depending on your situation.
Can you make more money and still become poorer?
Yes. If your income rises but your relevant prices rise faster, your real income falls and you are poorer in terms of what your pay can buy. Lifestyle inflation can amplify this effect if extra income is immediately spent on upgrades.alfred.
What is a real wage?
A real wage is a wage that has been adjusted for inflation using a price index. It represents your income in terms of goods and services, not just money units, and is used to track changes in purchasing power over time.
How do I calculate my inflation-adjusted salary?
A simple approximation:
- Find your nominal salary growth rate.
- Find an inflation rate for the same period (such as CPI).
- Estimate real salary growth ≈ nominal growth − inflation.
If the result is negative, your inflation-adjusted salary has effectively shrunk.
Conclusion: Stop Asking Only “Did My Salary Go Up?” — Ask “Did My Purchasing Power Go Up?”
A bigger paycheck does not automatically mean a better financial life. What matters is how much life that paycheck can buy — housing, food, safety, time, and freedom.
Gadfly City’s closing mental model is simple:
- Don’t stop at “Did my salary go up?”
- Always follow with “Did my purchasing power go up?”
If the answer to the second question is no, then inflation, taxes, and lifestyle choices are quietly editing your financial story. The antidote is not panic but clarity: understanding real vs. nominal income, measuring your personal inflation, and treating your paycheck as a tool for purchasing power — not as a scoreboard of status.
Sources and referrences:
- https://www.bls.gov/opub/hom/cpi/home.htm
- https://www.bls.gov/cpi/
- https://www.stlouisfed.org/timely-topics/real-vs-nominal-wage-growth
- https://www.bea.gov/data/income-saving/disposable-personal-income
- https://www.stlouisfed.org/open-vault/2023/august/explaining-inflation-disinflation-deflation
- https://www.bls.gov/opub/hom/cpi/concepts.htm
- https://www.federalreserveeducation.org/teaching-resources/economics/inflation/inflation-deflation-and-disinflation
- https://www.stlouisfed.org/-/media/project/frbstl/stlouisfed/publications/review/pdfs/2024/04/15/real-wage-growth-at-the-micro-level.pdf?sc_lang=en&hash=A5B0700B2E0C1992AB1BAAF069D55B82
- https://fred.stlouisfed.org/graph/?g=1Pays
- https://www.bls.gov/news.release/cpi.nr0.htm
- https://www.bls.gov/opub/hom/cpi/calculation.htm
- https://alfred.stlouisfed.org/series?seid=A067RL1A156NBEA
- https://alfred.stlouisfed.org/series?seid=DSPIC96
- https://www.federalreserve.gov/econres/feds/files/2025042pap.pdf
- https://bfi.uchicago.edu/wp-content/uploads/2026/08/BFI_WP_2026-108-1.pdf
- https://www.nber.org/system/files/working_papers/w33042/w33042.pdf
- https://www.chicagofed.org/~/media/publications/chicago-fed-letter/2015/cfl337-pdf.pdf
- https://www.chicagofed.org/publications/chicago-fed-letter/2015/337
- https://gorkembostanci.github.io/Paper_BKV.pdf
- https://erikhurst.com/wp-content/uploads/2026/01/labor_market_passthrough_qje_published.pdf
- https://janeryngaert.github.io/app/resources/wages_inflation.pdf
- https://alfred.stlouisfed.org/series?seid=A229RX0
- https://www.bea.gov/data/income-saving/personal-income
- https://www.bls.gov/cpi/overview.htm
- https://www.reginfo.gov/public/do/DownloadDocument?objectID=911801
- https://www.bls.gov/opub/hom/cpi/presentation.htm
- https://www.bls.gov/beta/nextgen/cpiAbout.htm
- https://www.bls.gov/opub/hom/cpi/design.htm
- https://www.bls.gov/opub/hom/cpi/history.htm
- https://www.reginfo.gov/public/do/DownloadDocument?objectID=86023001
- https://www.minneapolisfed.org/-/media/assets/events/2025/2025-institute-research-conference/a-theory-of-how-workers-keep-up-with-inflation.pdf
- https://www.nber.org/system/files/working_papers/w16130/w16130.pdf
- https://www.nber.org/system/files/working_papers/w8614/w8614.pdf
- https://omerfarukkoru.com/Papers/Paper_BKV.pdf
- https://www.ecb.europa.eu/press/conferences/shared/pdf/20240919_ARC/Ryngaert_paper.pdf
- https://janeryngaert.github.io/app/resources/Pilossoph_Ryngaert_09_2023.pdf
- https://www.frbsf.org/wp-content/uploads/sites/4/2023-03-31-birinci-paper.pdf
- https://onlinelibrary.wiley.com/doi/full/10.1111/ecca.70067
- https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr1128.pdf?sc_lang=en
- https://www.bea.gov/sites/default/files/2025-07/pi0625.pdf
- https://fred.stlouisfed.org/graph/?g=Vnga
- https://govfacts.org/money/broader-economy/economic-indicators/understanding-inflation-vs-deflation-what-they-mean-for-you-and-the-u-s-economy/
- https://alfred.stlouisfed.org/series?seid=DPIC96
- https://www.investopedia.com/ask/answers/032415/what-difference-between-deflation-and-disinflation.asp
