Arbeitspapier
A comprehensive evaluation of measures of core inflation for Canada
This paper evaluates the usefulness of various measures of core inflation for the conduct of monetary policy. Traditional exclusion-based measures of core inflation are found to perform relatively poorly across a range of evaluation criteria, in part due to their inability to filter unanticipated transitory shocks. In contrast, measures such as the trimmed mean and the common component of CPI perform favorably, since they better capture persistent price movements and tend to move with macroeconomic drivers. All measures of core inflation, however, have limitations - consequently, there is merit in monitoring a set of measures. Moreover, core inflation measures are best viewed as complements to, rather than substitutes for, the thorough analysis of inflation and capacity pressures that informs the monetary policy process.
- Sprache
-
Englisch
- Erschienen in
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Series: Bank of Canada Discussion Paper ; No. 2015-12
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Monetary Policy
- Thema
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Inflation and prices
Monetary policy framework
Inflation et prix
Cadre de la politique monétaire
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Khan, Mikael
Morel, Louis
Sabourin, Patrick
- Ereignis
-
Veröffentlichung
- (wer)
-
Bank of Canada
- (wo)
-
Ottawa
- (wann)
-
2015
- DOI
-
doi:10.34989/sdp-2015-12
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Khan, Mikael
- Morel, Louis
- Sabourin, Patrick
- Bank of Canada
Entstanden
- 2015
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