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A Volatility and Persistence-Based Core Inflation

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by Tito N?cias Teixeira da Silva Filho & Francisco Marcos Rodrigues Figueiredo
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A Volatility and Persistence-Based Core Inflation by Tito N?cias Teixeira da Silva Filho & Francisco Marcos Rodrigues Figueiredo

Intuitively core inflation is understood as a measure of inflation where noisy price movements are avoided. This is typically achieved by either excluding or downplaying the importance of the most volatile items. However, some of those items show high persistence, and one certainly does not want to disregard persistent price changes. The non-equivalence between volatility and (the lack of) persistence implies that when one excludes volatile items relevant information is likely to be discarded. Therefore, we propose a new type of core inflation measure, one that takes simultaneously into account both volatility and persistence. The evidence shows that such measures far outperform those based on either volatility or persistence. The latter have been advocated in the literature in recent years.

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Ebook Details
Pages: 19
Size: 813 KB
Date published:   2015
ISBN: 9781498374743 (DRM-EPUB)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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