An Alternative Measure of Core Inflation
We combine the ideas of the trimmed mean and the Edgeworth index to construct an alternative measure of core inflation named “Trim of most volatile components (TMVC)”. At each point of time this measure trims away the components of the price index, which have been most volatile in the past. TMVC tracks trend inflation better than other core inflation measures in the euro zone, but in the US the evidence is weaker.
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- Wynne, Mark A., 1999.
"Core inflation: a review of some conceptual issues,"
Working Paper Series
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in: Monetary Policy, pages 195-219
National Bureau of Economic Research, Inc.
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"A First Assessment of Some Measures of Core Inflation for the Euro Area,"
German Economic Review,
Verein für Socialpolitik, vol. 4, pages 269-306, 08.
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- Michael Pedersen, 2006.
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Working Papers Central Bank of Chile
366, Central Bank of Chile.
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9707, Federal Reserve Bank of Cleveland.
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