Measuring Core Inflation
Bibliographic Data
| ID | 9720383 |
|---|---|
| Authors | Danny Quah (0000-0002-0397-1617, Bank of England), Shaun P Vahey (Bank of England) |
| Year | 1995 |
| Volume | 105 |
| Issue | 432 |
| Pages | 1130 |
| Publication date | 1995-09-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.2307/2235408 |
| OpenAlex | W2159254294 |
| Language | EN |
| Citations received | 11 |
| References cited | 6 |
In this paper we argue that measured (RPI) inflation is conceptually mismatched with core inflation: the difference is more than just measurement error. We propose a technique for measuring core inflation, based on an explicit long-run economic hypothesis. Core inflation is defined as that component of measured inflation that has no (medium-to) long-run impact on real output - a notion that is consistent with the vertical long-run Phillips curve interpretation of the co-movement in inflation and output. We construct a measure of core inflation by placing dynamic restrictions on a vector autoregression (VAR) system
Core (optical fiber · Core inflation · Economics · Inflation (cosmology · Inflation targeting · International economics · Keynesian economics · Monetary economics · Monetary policy · Physics · Telecommunications · Theoretical physics · Computer Science · Economic Growth and Productivity · Economic Theory and Policy · Monetary Policy and Economic Impact
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| Citations per year | 0.42 |
|---|---|
| Citation span | 2000 - 2022 (23) |
| Highly cited | No |