Autori: Morana, Claudio, Bagliano, Claudio
Titolo: Measuring us core inflation
Periodico: International Center for Economics Research, Torino. ICER - Working papers series
Anno: 1999 - Fascicolo: 13 - Pagina iniziale: 1 - Pagina finale: 25

In this paper the long-run trend in CPI inflation (core inflation) for the USA over the 1960-1998 period is estimated using a common trends model. The estimates obtained are compared with the median inflation measure proposed by Bryan and Cecchetti (1994). The results show that the latter measure of core inflation is not completely successful in separating the permanent from the transitory component of observed inflation. The core inflation rate derived from a common trends model can then provide useful additional information in evaluating the trend behaviour of inflation for monetary policy purposes.




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