Sbrana, Giacomo; Silvestrini, Andrea - In: Cliometrica, Journal of Historical Economics and … 5 (2011) 3, pp. 239-258
This paper focuses on the core inflation measurement in Italy using univariate (national-level inflation) vs. multivariate (city-level inflation) models during the period 1970–2006. We derive algebraic expressions that allow comparison between the reduced form parameters of univariate and...