Is It Time to Reassess the Focal Role of Core PCE Inflation?
نویسندگان
چکیده
In this paper, I review the history of “core” PCE inflation and its rationale: remove volatile items with transitory shocks to better highlight trend in inflation. Structural changes process imply that, on a “reducing volatility” basis, list excluded from basket (aside gasoline) is far optimal. This true whether one assesses volatility basis weighted component monthly, or an index 12-month index, 5-year index. addition, demonstrate other deficiencies exclusion indexes. Excluded do not just experience shocks, but also have persistent trends; thus excluding them imparts significant time-varying bias core Meanwhile, that are can moreover cause depart notably inflation, sometimes at crucial moments. Two prominent measures, trimmed mean median gracefully address these issues, themselves notable bias. discuss source measures how correct for real time. then summarize extend wide variety evidence comparing three measures. conclude considerations relevant monetary policy deliberations communication, either superior
منابع مشابه
Pce Inflation and Core Inflation
This paper investigates the forecasting accuracy of the trimmed mean inflation rate of the Personal Consumption Expenditure (PCE) deflator. Earlier works have examined the forecasting ability of limited-influence estimators (trimmed means and the weighted median) of the Consumer Price Index but none have compared the weighted median and trimmed mean of the PCE. Also addressed is the systematic ...
متن کاملCommunication of scientific information: is it time to reassess?
The format of communicating scientific, technical, and medical (STM) information through professional journals has changed relatively little since the publication in 1665 of the Philosophical Transactions of the Royal Society, the world’s first journal devoted exclusively to science. Although advances in information technology have dramatically altered the search and discovery of scientific inf...
متن کاملStatins: is it really time to reassess benefits and risks?
search need. Evaluating the HBV viral load in HIV-infected pregnant women should be an essential step of prenatal evaluation, so that the mother’s health can be managed appropriately. Continued improvements in the coverage and timeliness of HBV vaccination and the education of clinicians about its importance should be priorities everywhere. Making such improvements will require substantial advo...
متن کاملthe role of russia in transmission of energy from central asia and caucuses to european union
پس ازفروپاشی شوروی،رشد منابع نفت و گاز، آسیای میانه و قفقاز را در یک بازی ژئوپلتیکی انرژی قرار داده است. با در نظر گرفتن این منابع هیدروکربنی، این منطقه به یک میدانجنگ و رقابت تجاری برای بازی های ژئوپلتیکی قدرت های بزرگ جهانی تبدیل شده است. روسیه منطقه را به عنوان حیات خلوت خود تلقی نموده و علاقمند به حفظ حضورش می باشد تا همانند گذشته گاز طبیعی را به وسیله خط لوله مرکزی دریافت و به عنوان یک واس...
15 صفحه اولذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Working paper
سال: 2021
ISSN: ['2381-6287']
DOI: https://doi.org/10.26509/frbc-wp-202110