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Download or read book A Review of Core Inflation and an Evaluation of Its Measures written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Laurence M. Ball
Publisher : International Monetary Fund
ISBN 13 : 1616357584
Total Pages : 27 pages
Book Rating : 4.6/5 (163 download)
Download or read book Measuring U.S. Core Inflation: The Stress Test of COVID-19 written by Laurence M. Ball and published by International Monetary Fund. This book was released on 2021-12-17 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: Large price changes in industries affected by the COVID-19 pandemic have caused erratic fluctuations in the U.S. headline inflation rate. This paper compares alternative approaches to filtering out the transitory effects of these industry price changes and measuring the underlying or core level of inflation over 2020-2021. The Federal Reserve’s preferred measure of core, the inflation rate excluding food and energy prices (XFE), has performed poorly: over most of 2020-21, it is almost as volatile as headline inflation. Measures of core that exclude a fixed set of additional industries, such as the Atlanta Fed’s sticky-price inflation rate, have been less volatile, but the least volatile have been measures that filter out large price changes in any industry, such as the Cleveland Fed’s median inflation rate and the Dallas Fed’s trimmed mean inflation rate. These core measures have followed smooth paths, drifting down when the economy was weak in 2020 and then rising as the economy has rebounded. Overall, we find that the case for the Federal Reserve to move away from the traditional XFE measure of core has strengthened during 2020-21.
Author : Robert Rich
Publisher : DIANE Publishing
ISBN 13 : 1428988777
Total Pages : 520 pages
Book Rating : 4.4/5 (289 download)
Download or read book Comparison of Measures of Core Inflation written by Robert Rich and published by DIANE Publishing. This book was released on 2008-04 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ability of central banks to differentiate between permanent & transitory price movements is critical for the conduct of monetary policy. The importance of gauging the persistence of price changes has led to the development of measures of underlying, or ¿core,¿ inflation that are designed to remove transitory price changes from aggregate inflation data. This article examines several proposed measures of core inflation -- the ex food & energy series, an ex energy series, a weighted median series, & an exponentially smoothed series -- to identify a ¿best¿ measure. Evaluates the measures¿ performance according to criteria such as ease of design, & accuracy in tracking trend inflation. Charts & tables.
Author : Mark A. Wynne
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.3/5 ( download)
Download or read book Core Inflation written by Mark A. Wynne and published by . This book was released on 1999 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Laurence M. Ball
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.4/5 (2 download)
Download or read book Weighted Median Inflation Around the World: A Measure of Core Inflation written by Laurence M. Ball and published by International Monetary Fund. This book was released on 2023-02-24 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard measure of core or underlying inflation is the inflation rate excluding food and energy prices. This paper constructs an alternative measure, the weighted median inflation rate, for 38 advanced and emerging economies using subclass level disaggretion of the CPI over 1990-2021, and compares the properties of this measure to those of standard core. For quarterly data, we find that the weighted median is less volatile than standard core, more closely related to economic slack, and more closely related to headline inflation over the next year. The weighted median also has a drawback: in most countries, it has a lower average level than headline inflation. We therefore also consider a measure of core inflation that eliminates this bias, which is based on the percentile of sectoral inflation rates that matches the sample average of headline CPI inflation.
Author : Robert W. Rich
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (129 download)
Download or read book A Comparison of Measures of Core Inflation written by Robert W. Rich and published by . This book was released on 2007 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ability of central banks to differentiate between permanent and transitory price movements is critical for the conduct of monetary policy. The importance of gauging the persistence of price changes in a timely manner has led to the development of measures of underlying, or core, inflation that are designed to remove transitory price changes from aggregate inflation data. Given the usefulness of this information to policymakers, there is a surprising lack of consensus on a preferred measure of U.S. core inflation. This article examines several proposed measures of core inflation - the popular ex food and energy series, an ex energy series, a weighted median series, and an exponentially smoothed series - to identify a best measure. The authors evaluate the measures' performance according to criteria such as ease of design and accuracy in tracking trend inflation, as well as explanatory content for within-sample and out-of-sample movements in aggregate CPI and PCE inflation. The study reveals that the candidate series perform very differently across aggregate inflation measures, criteria, and sample periods. The authors therefore find no compelling evidence to focus on one particular measure of core inflation, including the series that excludes food and energy prices. They attribute their results to the design of the individual measures and the measures' inability to account for variability in the nature and sources of transitory price movements.
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author : Danny Quah
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Measuring Core Inflation written by Danny Quah and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Juan Luis Vega
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (248 download)
Download or read book An Evaluation of Some Measures of Core Inflation for the Euro Area written by Juan Luis Vega and published by . This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Juan-Luis Vega
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.3/5 (91 download)
Download or read book A First Assessment of Some Measures of Core Inflation for the Euro Area written by Juan-Luis Vega and published by . This book was released on 2002 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Claudio Morana
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book Euro Area Inflation and a New Measure of Core Inflation written by Claudio Morana and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Scott Roger
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Core Inflation written by Scott Roger and published by . This book was released on 2003 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last decade central banks have tended to accord increased importance to controlling inflation and fostering policy credibility. The concept and measurement of core inflation has an important role to play both in the formulation of policy aimed at controlling inflation and in providing policy accountability. In practice, however, the concept of core inflation has tended to be ill-defined, and a wide range of different techniques have been used in trying to measure the concept. This paper reviews the concept of core inflation, focusing on the alternative interpretations of core inflation as the persistent or generalised element of inflation. The role of a core inflation measure in policy formulation, communication and accountability is also discussed. The paper also outlines and comments on alternative empirical approaches taken to measuring core inflation.
Author : Jordi Galí
Publisher : University of Chicago Press
ISBN 13 : 0226278875
Total Pages : 663 pages
Book Rating : 4.2/5 (262 download)
Download or read book International Dimensions of Monetary Policy written by Jordi Galí and published by University of Chicago Press. This book was released on 2010-03-15 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.
Author : Danny Quah
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Measuring Core Inflation written by Danny Quah and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many alternative measures of core, or underlying, inflation have been proposed that are based on stripping out some unwanted or excessively volatile elements from the headline rate. A potential drawback of such measures is that they are necessarily atheoretic--based largely on purely statistical procedures. This paper proposes an alternative method of measuring core inflation utilizing an explicit economic definition. It defines core inflation as that part of measured inflation that has no medium or long term impact on real output--a notion that is consistent with the vertical long-run Phillips curve. This definition captures the commonly held view that moderate movements in inflation can have no impact on the real economy once financial and wage contracts have been written taking it into account. Using this definition the paper estimates a measure of core inflation using the VAR identification technique developed by Blanchard and Quah. The estimated measure indicates that core inflation was higher than measured inflation in the early 80s suggesting that measured inflation was depressed by beneficial supply shocks. The opposite effect occurred in the late 80s. Currently, core inflation is above measured inflation.
Author : Statistics Canada. Prices Division
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (384 download)
Download or read book Review of the Literature on Core Inflation written by Statistics Canada. Prices Division and published by . This book was released on 1997 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jim Dolmas
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (115 download)
Download or read book Two Measures of Core Inflation written by Jim Dolmas and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rahul Anand
Publisher : International Monetary Fund
ISBN 13 : 1498371558
Total Pages : 23 pages
Book Rating : 4.4/5 (983 download)
Download or read book Food Inflation in India written by Rahul Anand and published by International Monetary Fund. This book was released on 2014-09-24 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: Indian food and fuel inflation has remained high for several years, and second-round effects on core inflation are estimated to be large. This paper estimates the size of second-round effects using an estimated reduced-form general equilibrium model of the Indian economy, which incorporates pass-through from headline inflation to core inflation. The results indicate that India's inflation is highly inertial and persistent. Due to second-round effects, the gap between headline inflation and core inflation decreases by about three fourths within one year as core inflation catches up with headline inflation. Large second-round effects stem from several factors, such as the high share of food in household expenditure and the role of food inflation in informing inflation expectations and wage setting. Analysis suggests that in order to durably reduce the current high inflation, the monetary policy stance needs to remain tight for a considerable length of time. In addition, progress on structural reforms to raise potential growth is critical to reduce the burden on monetary policy.
