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Measuring Core Inflation in Romania Using the Dobrescu Method – A Comparative Approach

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  • Dospinescu, Andrei Silviu

    ()
    (Center for Industry and Service Economy, National Institute for Economic Research, The Romanian Academy)

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    Abstract

    The paper focuses on the persistent and non-persistent changes in relative prices and their relation with the volatility of the aggregated price index. From the methodological perspective, the paper analyzes the implications of the hypotheses of five main methods for calculating core inflation with respect to the persistent and non-persistent changes in relative prices. From the empirical perspective, the paper ranks the methods based on volatility and discusses the relation between volatility and the persistent and non-persistent changes in relative prices, focusing on the relation between the changes in the components of the CPI that tend to be irreversible and the CPI. In the context of the analysis, the main conclusion of the paper indicates that there is a long-term tendency of the CPI, which is reflected by the irreversible changes in relative prices

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    File URL: http://www.ipe.ro/rjef/rjef2_10/rjef2_10_20.pdf
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    Bibliographic Info

    Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

    Volume (Year): (2010)
    Issue (Month): 2 (July)
    Pages: 308-319

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    Handle: RePEc:rjr:romjef:v::y:2010:i:2:p:308-319

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    Related research

    Keywords: core inflation; relative prices; prices volatility; reversibility;

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    References

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    1. Wynne, Mark A., 1999. "Core inflation: a review of some conceptual issues," Working Paper Series 0005, European Central Bank.
    2. Michael F. Bryan & Stephen G. Cecchetti & Rodney L. Wiggins II, 1997. "Efficient inflation estimation," Working Paper 9707, Federal Reserve Bank of Cleveland.
    3. S. Illeris & G. Akehurst, 2001. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 21(1), pages 1-4, January.
    4. Michael F. Bryan & Stephen G. Cecchetti, 1994. "Measuring Core Inflation," NBER Chapters, in: Monetary Policy, pages 195-219 National Bureau of Economic Research, Inc.
    5. Jonathan Kearns, 1998. "The Distribution and Measurement of Inflation," RBA Research Discussion Papers rdp9810, Reserve Bank of Australia.
    6. Stephen G. Cecchetti, 1996. "Measuring Short-Run Inflation for Central Bankers," NBER Working Papers 5786, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Paun, Cristian & Topan, Vladimir, 2013. "The Monetary Causes of Inflation in Romania," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 5-23, March.

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