Using a common trends model, a forward-looking 'core' inflation measure is estimated for the Euro area based on long-run relations among major macroeconomic variables, bearing the interpretation of long-run inflation forecast. The proposed measure may be particularly suitable for the 'two-pillar' monetary policy strategy of the ECB which focuses on medium-term inflation prospects.
Core inflation in the Euro area / Bagliano F.C.; Golinelli R.; Morana C.. - In: APPLIED ECONOMICS LETTERS. - ISSN 1350-4851. - STAMPA. - 9:6(2002), pp. 353-357. [10.1080/13504850110086035]
Core inflation in the Euro area
Golinelli R.;
2002
Abstract
Using a common trends model, a forward-looking 'core' inflation measure is estimated for the Euro area based on long-run relations among major macroeconomic variables, bearing the interpretation of long-run inflation forecast. The proposed measure may be particularly suitable for the 'two-pillar' monetary policy strategy of the ECB which focuses on medium-term inflation prospects.File in questo prodotto:
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