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Core Inflation: Measurement and Statistical Issues in Choosing Among Alternative Measures

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  • Mick Silver

Abstract

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, 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 co-integration tests, and correlation with money supply. The extensive number of measures, criteria by which their appropriateness is assessed, and lack of consistency in the results of country studies argue for a data-driven approach. IMF Staff Papers (2007) 54, 163–190. doi:10.1057/palgrave.imfsp.9450006

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

Volume (Year): 54 (2007)
Issue (Month): 1 (May)
Pages: 163-190

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Handle: RePEc:pal:imfstp:v:54:y:2007:i:1:p:163-190

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Cited by:
  1. Diewert, Erwin, 2007. "The Ottawa Group after Ten Meetings: Future Priorities," Economics working papers diewert-07-11-16-12-30-23, Vancouver School of Economics, revised 16 Nov 2007.
  2. Stanislaus T Mrema, 2010. "SADC economic integration and statistical framework: issues of definition, measurement and statistical improvement," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the SARB/IFC seminar on "Economic and financial convergence en route to regional economic integration: experience, prospects and statis, volume 32, pages 123-133 Bank for International Settlements.
  3. Jim Dolmas, 2009. "Excluding items from personal consumption expenditures inflation," Staff Papers, Federal Reserve Bank of Dallas, issue Jun.
  4. Fröhling, Annette & Lommatzsch, Kirsten, 2011. "Output sensitivity of inflation in the euro area: Indirect evidence from disaggregated consumer prices," Discussion Paper Series 1: Economic Studies 2011,25, Deutsche Bundesbank, Research Centre.
  5. David Baqaee, 2009. "Using wavelets to measure core inflation: the case in New Zealand," Reserve Bank of New Zealand Discussion Paper Series DP2009/05, Reserve Bank of New Zealand.
  6. Jim Dolmas & Mark A. Wynne, 2008. "Measuring core inflation: notes from a 2007 Dallas Fed conference," Staff Papers, Federal Reserve Bank of Dallas, issue May.
  7. Oguz Atuk & Mustafa Utku Ozmen, 2009. "Design and Evaluation of Core Inflation Measures for Turkey," Working Papers 0903, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
  8. Souvik Gupta & Magnus Saxegaard, 2009. "Measures of Underlying Inflation in Sri Lanka," IMF Working Papers 09/167, International Monetary Fund.

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