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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