Measurement and Theory of Core Inflation
29 Pages Posted: 19 Aug 2024
Date Written: August 01, 2024
Abstract
We discuss the concept of core inflation and its relevance for policymakers and then review a variety of approaches that have been pursued for the construction of informative core measures. After illustrating some empirical patterns displayed by U.S. inflation data and discussing conceptual issues around measurement, we provide a unified framework to interpret various widely used core measures and compare their relative properties.
Keywords: inflation, core inflation
JEL Classification: E31, E32, E52
Suggested Citation: Suggested Citation
Sbordone, Argia M. and Almuzara, Martin, Measurement and Theory of Core Inflation (August 01, 2024). https://doi.org/10.59576/sr.1115, FRB of New York Staff Report No. 1115, Available at SSRN: https://ssrn.com/abstract=4928265
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