Evaluating underlying inflation measures for Russia

Arbeitspapier

​We apply several tests to the underlying inflation metrics used in practice by central banks and/or proposed in the scientific literature, in an attempt to find the best-performing indicators. We find that although there is no single best measure of underlying inflation, indicators calculated on the basis of dynamic factor models are generally among the best performers. These best performers not only outdid the simpler traditional underlying indicators (trimmed and exclusion-based measures) but also proved to be economically meaningful and inter-pretable.

Object Details

• ISBN: 978-952-323-063-7
• Language: Englisch

References and Relationships

• Bibliographic citation: Series: BOFIT Discussion Papers ; No. 24/2015

Classification and Topics

• Classification: Wirtschaft ; Price Level; Inflation; Deflation ; Business Fluctuations; Cycles ; Monetary Policy ; Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Deryugina, Elena ; Ponomarenko, Alexey ; Sinyakov, Andrey ; Sorokin, Constantine
• Event: Veröffentlichung
• (who): Bank of Finland, Institute for Economies in Transition (BOFIT)
• (where): Helsinki
• (when): 2015

Further information

• Handle: http://hdl.handle.net/10419/212834
• Last update: 10.03.2025, 11:43 AM CET