The Usefulness of Core PCE Inflation Measures
نویسندگان
چکیده
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 ...
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entral banks differ in their specific inflation objectives and conduct of policy. However, they typically confront the common problem of identifying which price changes are permanent and which are transitory. Because of the lagged effects of monetary policy, mistaking the nature of price changes can be extremely costly. For example, the failure to detect the onset of inflationary pressures may ...
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Meanwhile, having generally enjoyed low and stable prices since the early 2000s, most of the key economies in the world are now going through the final phase of a boom and bust cycle in asset (housing) prices based upon liquidity expansion, owing to sustained low interest rates and financial market innovations such as derivatives. In this regard, the argument may be put forward that monetary po...
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This paper brings together several strands of the inflation literature. Specifically, this paper uses the forecast from a random walk model of inflation as a benchmark to test and compare the forecast performance of several alternatives including the Greenbook forecast by the Fed staff, the Survey of Professional Forecasters median forecast, lagged CPI inflation minus food and energy, lagged CP...
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Introduction Central banks around the world have come to recognize the importance of maintaining low and stable inflation. One widely employed tool for helping to do so is known as inflation targeting, whereby a central bank sets a numeric goal for inflation. Once this target is publicly stated, the bank can be held accountable for its actions in regard to meeting, or not meeting, this target. ...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2011
ISSN: 1556-5068
DOI: 10.2139/ssrn.1982524