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
Series: Bank of Canada Discussion Paper ; No. 2015-12

Klassifikation
Wirtschaft
Price Level; Inflation; Deflation
Monetary Policy
Thema
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

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Khan, Mikael
  • Morel, Louis
  • Sabourin, Patrick
  • Bank of Canada

Entstanden

  • 2015

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