This article discusses further research on alternative measures of underlying inflation and the Bank's decision to begin publishing a weighted median measure of inflation excluding credit charges.

A description of the main features of Consumer Price Index (CPI) inflation in the June 1995 quarter

A graphical approach to explain why it is more appropriate for the Bank to base monetary policy on a measure of underlying inflation rather than on the official or headline, measure of inflation.

This paper provides an overview of inflation targeting frameworks and macroeconomic performance under inflation targeting. Inflation targeting frameworks are generally quite similar across countries, and a broad consensus has developed in favor of "flexible" inflation targeting. The evidence...

This paper uses a DSGE model to examine whether including the exchange rate explicitly in the central bank's policy reaction function can improve macroeconomic performance. It is found that including an element of exchange rate smoothing in the policy reaction function is helpful both for...

This paper uses a DSGE model to examine whether including the exchange rate explicitly in the central bank’s policy reaction function can improve macroeconomic performance. It finds that including an element of exchange rate smoothing in the policy reaction function is helpful for handling...

This paper has five sections. Section I covers the introduction while Section II reviews the concept of core inflation. Section III discusses the uses of core inflation in policy formulation, policy accountability and forecasting and uses these considerations in setting out desirable properties...

This paper develops a stochastically-based method of measuring core inflation, extending earlier research by Bryan and Cecchetti (1993) and Roger (1995).

This article discusses various ways of measuring underlying inflation

This paper examines the international experience with full-fledged inflation targeting monetary regimes. Stylized facts are brought together from a review of the institutional elements of inflation targeting frameworks, a comparison of actual and targeted inflation outcomes, and case studies of...