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P-Star as an Indicator of Inflationary Pressure

Author

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  • Peter Hoeller

    (OECD)

  • Pierre Poret

    (OECD)

Abstract

The P-star approach has been developed by the U.S. Federal Reserve as a new indicator of inflationary pressures. This paper assesses its usefulness for 20 OECD Member countries. Regression results are presented and in-sample tracking ability and forecasting performance of the equations are compared to rival inflation models and official OECD projections ... L'approche dite P-star a été développée par la Réserve Fédérale des États-Unis comme un nouvel indicateur des pressions inflationnistes. Ce papier examine son utilité pour 20 pays de l'OCDE. Des résultats de regression sont présentés ; la capacité des équations à simuler et prévoir l'évolution des prix est comparée à celle de modèles rivaux et aux projections officielles d'inflation de l'OCDE ...

Suggested Citation

  • Peter Hoeller & Pierre Poret, 1991. "P-Star as an Indicator of Inflationary Pressure," OECD Economics Department Working Papers 101, OECD Publishing.
  • Handle: RePEc:oec:ecoaaa:101-en
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    File URL: http://dx.doi.org/10.1787/821307064337
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    1. repec:taf:rjapxx:v:7:y:2002:i:3:p:379-407 is not listed on IDEAS
    2. Helmut Herwartz & Hans-Eggert Reimers, 2006. "Long-Run Links among Money, Prices and Output: Worldwide Evidence," German Economic Review, Verein für Socialpolitik, vol. 7, pages 65-86, February.
    3. Tödter, Karl-Heinz, 2002. "Monetary indicators and policy rules in the P-star model," Discussion Paper Series 1: Economic Studies 2002,18, Deutsche Bundesbank.
    4. Mihalicova, Xenia & Gazda, Vladimír & Kubak, Matúš & Grof, Marek, 2011. "P-Star Model under the Currency Board – The Case of Bulgaria 1997-2008," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(3), pages 83-91, September.
    5. Michael Coelli & Jerome Fahrer, 1992. "Indicators of Inflationary Pressure," RBA Research Discussion Papers rdp9207, Reserve Bank of Australia.
    6. James Boughton, 1992. "International comparisons of money demand," Open Economies Review, Springer, vol. 3(3), pages 323-343, October.
    7. Hans Groeneveld, 1995. "Monetary Spill-over Effects in the ERM: The Case of Austria, a Former Shadow Member," Working Papers 20, Oesterreichische Nationalbank (Austrian Central Bank).

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