on headline measures of inflation. In this paper we investigate what happens if we instead use core inflation to both … inflation produces more disinflation episodes than core inflation does – something which is particularly conspicuous during the …-turkey approach to reducing inflation disappears when combining the use of core inflation with sacrifice ratio measures that allow for …

This paper extends a standard New Keynesian model to describe the effects of anticipated shocks to inflation and …

or non-sterilised, may have a positive impact on economic activity. Instead of emphasising inflation targeting, non …

This paper introduces a new indicator of core inflation for New Zealand, estimated using a dynamic factor model and … with a wide range of other ‘core inflation’ measures estimated from disaggregate prices, such as the weighted median and … inflation outcomes. The 2 year centred moving average is used as an analytical approximation of the inflation target from the …

correlated with the business cycle, both output and inflation become more variable. However, the output gap is still useful for … stabilising output and inflation. Basing policy actions on the output gap directly and/or indirectly through forecasts of … inflation leads to better macroeconomic stability than basing policy actions solely on currently available observable data such …

may have been temporarily boosted. However, demand pressures would have probably been greater and inflation higher. In … particular, results suggest that over the latter part of the 1990s annual inflation would have been around 1 percentage point …, then the variability of inflation and output would increase over the business cycle. …

This paper reviews the concept of core inflation, focusing on the alternative interpretations of core inflation as the … persistent or generalised element of inflation. The role of a core inflation measure in policy formulation, communication and … inflation. …

It is standard to model the output-inflation trade-off as a linear relationship with a time-invariant slope. We assess … coincided with stable, albeit moderately negative, inflation. We document that this episode is most convincingly interpreted as … Phillips curve slope. Our results suggest that, in any economy where trend inflation is substantially lower (or substantially …