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Finding Optimal Measures of Core Inflation in the Kyrgyz Republic

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  • Uzagalieva Ainura

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Abstract

The ideal measure of inflation reflects long-run price movements driven by actual demand in the economy and excludes short-term supply shocks. Considering that CPI does not correspond to such a measure, the purpose of this research is to analyze alternative methods of core (or underlying) inflation and to determine the efficient measure of core inflation suitable for the Kyrgyz Republic. The results of the project are intended for the National Bank of the Kyrgyz Republic (for proper monetary policy reaction to inflationary shifts), the Ministry of Finance (for budget forecasting), for the National Statistics Committee (the concept of core inflation does not yet exist in the Kyrgyz economic reporting system).

Suggested Citation

  • Uzagalieva Ainura, 2004. "Finding Optimal Measures of Core Inflation in the Kyrgyz Republic," EERC Working Paper Series 04-01e, EERC Research Network, Russia and CIS.
  • Handle: RePEc:eer:wpalle:04-01e
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    Keywords

    Kyrgyz Republic; inflation; core inflation; monetary policy; smoothing; optimality criteria;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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