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Core inflation at the Bank of Canada A critique

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  • Clinton, Kevin

Abstract

Core inflation is a useful concept for the theory and practice of monetary policy. The Bank of Canada maintains, in addition, that core inflation should be, and has in fact been, a useful predictor of headline inflation. Under the bank’s policy of inflation targeting, however, this is incorrect: over horizons of a year or more the best forecast should be the 2 percent target; and core inflation should have no predictive content. Post- 1995 evidence confirms this argument.

Suggested Citation

  • Clinton, Kevin, 2006. "Core inflation at the Bank of Canada A critique," Queen's Economics Department Working Papers 273553, Queen's University - Department of Economics.
    • Handle: RePEc:ags:quedwp:273553
    DOI: 10.22004/ag.econ.273553
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