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Identifying Domestic and Imported Core Inflation

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  • Hilde C. Bjørnland

Abstract

This paper estimates core inflation in Norway, identified as that component of inflation that has no long-run effect on GDP. The model distinguishes explicitly between domestic and imported core inflation. The results show that (domestic) core inflation is the main component of CPI inflation. CPI inflation, however, misrepresents core inflation in some periods. The differences are well explained by the other shocks identified in the model, in particular the oil price shocks of the 1970s when Norway imported inflation, and the negative noncore (supply) shocks of the late 1980s, which pushed inflation up temporarily relative to core inflation.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/4.

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Length: 25
Date of creation: 01 Jan 2000
Date of revision:
Handle: RePEc:imf:imfwpa:00/4

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Cited by:
  1. Hahn, Elke, 2003. "Pass-through of external shocks to euro area inflation," Working Paper Series, European Central Bank 0243, European Central Bank.
  2. Aykut Kibritcioglu, 2005. "Recent Increases in Prices of Oil Products and their Possible Effects on the 2001-2002 Disinflation Program in Turkey (in Turkish)," Macroeconomics, EconWPA 0506014, EconWPA.
  3. Colin Bermingham, 2007. "How Useful is Core Inflation for Forecasting Headline Inflation?," The Economic and Social Review, Economic and Social Studies, Economic and Social Studies, vol. 38(3), pages 355–377.
  4. Goyal, Ashima & Pujari, Ayan Kumar, 2005. "Identifying long run supply curve of India," MPRA Paper 24021, University Library of Munich, Germany.
  5. Hahn, Elke, 2002. "Core inflation in the Euro area: Evidence from the structural VAR approach," CFS Working Paper Series 2001/09, Center for Financial Studies (CFS).
  6. repec:cbi:wpaper:11/rt/06 is not listed on IDEAS
  7. Ashima Goyal & Arjun Singh, 2006. "Through a Glass Darkly - Deciphering the Impact of Oil Price Shocks," Macroeconomics Working Papers 22374, East Asian Bureau of Economic Research.

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