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.
|Date of creation:||Jun 2006|
|Date of revision:|
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- Michael Pedersen, 2006.
"An Alternative Measure of Core Inflation,"
Working Papers Central Bank of Chile
366, Central Bank of Chile.
- Wynne, Mark A., 1999.
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Working Paper Series
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"Measuring Core Inflation,"
NBER Working Papers
4303, National Bureau of Economic Research, Inc.
- Hogan, Seamus & Marianne Johnson & Thérèse Laflèche, 2001. "Core Inflation," Technical Reports 89, Bank of Canada.
- Smith, Julie K, 2004. "Weighted Median Inflation: Is This Core Inflation?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 36(2), pages 253-63, April.
- Vega, Juan-Luis & Wynne, Mark A., 2002.
"A first assessment of some measures of core inflation for the euro area,"
0205, Federal Reserve Bank of Dallas.
- Juan-Luis Vega & Mark A. Wynne, 2003. "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.
- Michael F. Bryan & Stephen G. Cecchetti & Rodney L. Wiggins, 1997.
"Efficient inflation estimation,"
9707, Federal Reserve Bank of Cleveland.
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