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摘要
En 中文
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 comovements in inflation and output. We construct a measure of core inflation by placing dynamic restrictions on a Vector autoregression (VAR) system.
Keyword:
SUPPLY DISTURBANCES
AGGREGATE DEMAND
EXPECTATIONS
CONTRACTS
MONEY
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