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Core Inflation Measures and Statistical Issues in Choosing Among Them
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Author/Editor: |
Silver, Mick |
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April 1, 2006 |
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Electronic Access: |
Free Full Text (PDF file size is 783KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper provides an overview of statistical measurement issues relating to alternative measures of core inflation, and the criteria for choosing among them. The approaches to measurement considered include exclusion-based methods, imputation methods, limited influence estimators, reweighting, and economic modeling. Criteria for judging which approach to use include credibility, control, deviations from a smoothed reference series, volatility, predictive ability, causality and cointegration tests, and correlation with money supply. Country practice can differ in how the approaches are implemented and how their appropriateness is assessed. There is little consistency in the results of country studies to readily suggest guidelines on accepted methods.
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Order a print copy
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Series: |
Working Paper No. 06/97 |
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Subject(s): |
Inflation | Consumer price indexes | Inflation targeting | Economic models |
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Author's keyword(s): |
Core Inflation; Core CPI; Inflation Targeting
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Published: |
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April 1, 2006 |
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ISBN/ISSN: |
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0 / 1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA2006097 |
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Pages: |
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58 |
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Price: |
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US$15.00 (Academic Rate: US$15.00 )
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