Measuring Core Inflation in Italy
In this paper the long-run trend in CPI inflation (core inflation) for Italy is estimate over the 1962-1997 period within the frame work of a multivariate common trends model. In this framework core inflation is directly linked to money and wage growth and interpreted as the long-run forecast of inflation. This measure displays several desirable properties: lower variability than observed inflation, forecasting power, robustness to the estimation sample and economic interpretability.
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Volume (Year): 58 (1999)
Issue (Month): 3-4 (December)
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