An augmented P-Star model is specified, estimated and tested to explain the phenomenon of subdued inflation in the US. While the model is estimated for both total and core CPI, the results show that it works better if the general price level is proxied by total CPI. Based on the empirical results, subdued inflation is attributed to declining velocity of circulation and the accumulation of reserves by banks. Another contributing factor is declining import prices as a result of global competition. Therefore, both monetary and real factors have roles to play in the generation of US inflation.

中文翻译：

---

美国通货膨胀的增强型P-Star模型

指定，估计和测试了增强的P-Star模型，以解释美国通胀减弱的现象。虽然该模型针对总CPI和核心CPI进行了估算，但结果表明，如果总价格水平由总CPI来代替，则其效果会更好。根据经验结果，通货膨胀下降归因于流通速度的下降和银行储备的积累。另一个因素是全球竞争导致进口价格下降。因此，货币因素和实际因素都在美国通货膨胀的产生中起作用。