Measuring Core Inflation?
In this paper, the authors argue that measured (retail price index) inflation is conceptually mismatched with core inflation: the difference is more than just 'measurement error.' They propose a technique for measuring core inflation based on an explicit long-run economic hypothesis. Core inflation is defined as that component of measured inflation that has no (medium- to) long-run impact on real output--a notion that is consistent with the vertical long-run Phillips curve interpretation of the comovements in inflation and output. The authors construct a measure of core inflation by placing dynamic restrictions on a vector autoregression system. Copyright 1995 by Royal Economic Society.
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Volume (Year): 105 (1995)
Issue (Month): 432 (September)
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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Roger Beaton & Paul Fisher, 1995. "The Construction of RPIY," Bank of England working papers 28, Bank of England.
- Breedon, F J & Fisher, P G, 1996.
"M0: Causes and Consequences,"
The Manchester School of Economic & Social Studies,
University of Manchester, vol. 64(4), pages 371-387, December.
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