Core inflation in the Euro area
Using a common trends model, a forward-looking 'core' inflation measure is estimated for the Euro area based on long-run relations among major macroeconomic variables, bearing the interpretation of long-run inflation forecast. The proposed measure may be particularly suitable for the 'two-pillar' monetary policy strategy of the ECB which focuses on medium-term inflation prospects.
Volume (Year): 9 (2002)
Issue (Month): 6 ()
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